Reporting Accepted Offers
When reporting a listing as either “Pending” or “Active with Offer”, the date that should be entered, is the date the seller(s) accepted the offer to purchase.
Section 2.0 of the MLS Rules states “ All listings with an accepted offer shall be reported to the MLS within 48 hours as either “Pending”, meaning no further showings or offers, or “Active with Offer”, indicating an offer has been accepted but further showings and offers are accepted. This shall apply to all offers except those with a “bump” clause.” This rule was created in part to facilitate the disclosure required by Realtors Code of Ethics, Standard of Practice 3-6.
Unless there is a “bump” clause (home sale contingency) ALL OFFERS must be reported. If there are contingencies such as inspections, mortgage approval, etc., the listing must still be reported as either “pending” or “active with offer”.
Listings reported as “active with offer” will still appear in all active searches and remain on various web sites.
Section 7.0 (10) of the MLS Rules allows for sanctions to be levied when accepted offers are not reported within 48 hours. The MLS is looking at reports that will indicate when an offer was accepted and when it was reported and levy sanctions as appropriate.