What is Pending Past Estimated Sell Date?
When you put your listing into Pending status, you enter an Estimated Sell Date of when your deal is supposed to close or fund. When you are Pending Past Estimated Sell Date, you are 48 hours past that date.
Why does the Estimated Sell Date have to be a future date?
When other agents or appraisers see the listing as Overdue Pending, they start to wonder why it is not reported as a comp and may report a listing violation to the Compliance Department. The SWMLS Compliance Department sends out 350 - 450 of these notices each month. Accurate data and status information is essential to providing a reliable source of accurate market data to our subscribers, participants, and the public. Closed sales in the MLS are used on a regular basis for market analysis reports, appraisal reports, and for monthly statistic generation.
Can I get fined for Pending Past Estimated Sell Date?
YES!!! Once you receive the initial warning about a status violation, you have 48 hours (2 full business days) to resolve the issue, request an appeal to dispute the warning, or ask for additional time. At the end of the 48-hour grace period, SWMLS would be authorized to issue a fine.
What are the SWMLS Rules for Pending Past Estimated Sell Date?
There are two specific rules that apply:
- Section 1.4 Change to Status of Listing - Any change in listed price or other change in the original listing agreement shall be made only when authorized in writing by the seller and shall be filed with The Service within forty-eight (48) hours (excepting weekends, holidays, and postal holidays) after the authorized change is received by the listing broker.
- Section 8 Discrepancies in Information in The Service - All information Filed in The Service must be as accurate as possible and any discrepancies shall be reviewed by the Board of Directors of The Service, The Service's Compliance Committee or their designee as a possible violation of these Rules and Regulations. The listing Participant has an affirmative obligation to verify that all information Filed with The Service is accurate.
What if my listing is not going to close for another day/week/month, etc.?
Simply go into your listing, edit your "Current Status (Pending)," and change the date in the Estimated Sell Date field. This date can be as early as the next day or a month out, depending on what's going on with your closing process. You do NOT need signed paperwork from the Seller to make this change. Remember to hit the NEXT button twice, as there is a second "verification" page when making this type of listing change.
For more information about Pending Past Estimated Sell Date, please call GAAR at 505-842-1433 option 1.