Explanation of Metrolist CO New Status Fields

• Staff
• January 8, 2011
• Industry News
• MLS News
• 1 Comment

As of January 2011 – Denver Metrolist introduced new Status fields to help establish a clearer picture of the status and availability of a listing. These changes have required substantial modifications to the Buying Buddy systems and our own databases.

The introduction of these new fields changes the way we search for properties. Particularly Short-Sales and Lender-Owned.

There is a link to a Metrolist presentation at the foot of this post!

The three new Fields are as follows:

Status Conditions

Purpose: To communicate the availability of a listing in the Metrolist MLS database.

As the LISTING STATUS of a listing moves from being ACTIVE to other values, this field can be used to indicate, the availability of the listing at easc step. For example, if UNDER CONTRACT, Status Condition could still be ‘accepting offer’ if the sellers is seeking additional offers.

Values

• Accepting offers: Property is available for showings and offers and being accepted (if selected , cannot select any other Status Conditions)
• Kick out/First Right: Mutually accepted contract with a contingency listed in Additional Provision of, or in an Addendum to, the Colorado Real Estate Commission form
• Not Accepting Showings (or offers): Property is not available for showings and offers and NOT being accepted
• Offers submitted to 3rd party for approval: Offers have been submitted to a 3rd party for approval.

Approval Conditions

Purpose: To communicate the Approval Disclosures of the listing for showings and offers

Values

• Short Sale: This is a short sale property
• Court: Any offers need approvals from the Courts
• Equitable Interest: Disclosure of Equitable Interest in the property
• None of the above: For offers that do not need approval

Seller Type

Purpose: To indicate the type of seller at the time of listing entry

Values

• Individual
• Bank / GSE (Government Sponsored Enterprise – e.g. Fannie Mae)
• Builder
• Corporation / Trust
• Estate
• Government
• Relocation Company

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