SWMLS identifies about 30-40 Late Pending listings each month. A Late Pending listing is an MLS listing that is reported as Pending in the MLS more than 48 hours past the Pending Date. This type of listing violation causes a fine to be issued to that listing office but can easily be avoided by following the SWMLS status rules.
What is the Rule?
The SWMLS rules define a Pending list as a listing that has an offer that is accepted in writing by the buyer and seller. (page 1, Listing Status Information)
The SWMLS status rule advised that a listing is reported as Pending within 48 hours of the listing going under contract, or within 48 hours of receiving the documentation. (page 7, Section 2.5)
Why is it so important that Pendings are reported in 2 days?
Having accurate property information and status is important for appraisers and buyer’s agents who need this information for CMA and market reports. Pending listings are also tracked by GAAR for capturing market statistics for our areas. Reporting accurate information also allows the listing agent to remain compliant with the Code of Ethics (true and factual) and NMREC Rules (true representation).
When is it okay to report a Pending Sale after 2 days?
An exception to making late status changes: Sometimes there may be a delay in receiving the actual purchase documents. Delay in receiving paperwork is considered an exception to delaying a status change.
What are some examples of a Late Pending that are not acceptable?
Waiting on earnest money before changing the listing to Pending. Some offices have their own policies that advise when their agents should be Pending a listing in MLS. If your office does not allow you to Pend a listing without earnest money it is important that you discuss this with your QB since the listing will still receive a warning or fine.
Out-of-town and couldn’t access a computer. If you will be out-of-town you should make arrangements for an office admin or your QB to make the required status change on the listing. FLEX MLS is accessible from a tablet pc or phone and will allow you to make status changes without being at your own office computer.
What is the warning or fine for reporting a Late Pending status?
A $50.00 fine is issued for Late Pending listings. A 48-hour warning notice will proceed the fine and gives an agent 2 days to alert the Compliance Dept. if there was an acceptable reason why the status change was made late.
What about Active Under Contract listings?
The MLS Late Pending rule also applies to this contingent status since there is also an accepted offer.
If you have questions about this rule or other MLS listing policies please email us at firstname.lastname@example.org.