Louisville MLS Listing Statuses
Learn about the Greater Louisville Association Of Realtors® (GLAR) MLS statuses and what their designations mean. Statuses include active, active under contract, pending, temporarily off market, cancelled, and closed.
The following are property status designations of the Greater Louisville Association of Realtors® (GLAR). These GLAR designations are required to be updated within specific timeframes, triggered by events. Please understand your Crane Realtors® agent is bound to abide by the MLS's rules and regulations. Read and familiarize yourself with the types and what they mean. While Crane Realtors® strives to honor the rules and regulations set forth by GLAR and updates their respective listings in a timely fashion and per the requirements, it cannot be said all Brokerages do the same. Some listings may be incorrectly identified upon inquiry, and once identified, we are happy to report these violations to ensure the highest integrity of data and we apologize on behalf of others inability to meet the minimum standards set forth by the GLAR. We understand it can be frustrating to inquire on homes identified as being Active when they are truly under contract.
Active: This status designates the property is for sale, showings should be available to be scheduled, and the property is not subject to a purchase contract other than potentially a first right of refusal contract. Any first right of refusal contract is to be disclosed in private agent notes, an area only available to Realtors® in the MLS. The listing status shall be changed from Active to either Active Under Contract or Pending within 72 hours of acceptance of a contract. The listing status may only remain Active if the accepted contract includes a Contingency of Sale of Property with Right of First Refusal and if the listing agent discloses the same in the Agent Notes, as noted prior. Upon release of the contingency contract, the listing status shall be changed to either Active Under Contract or Pending within 72 hours of the release.
Active Under Contract: This status designates the Seller has an accepted contract pending certain contingencies but is willing to continue to show the property for Back-Op Offers. If the Seller is not willing to show the home the property should be in a Pending Status. A listing may be placed in Active Under Contract status if an enforceable contract exists that contains one or more of the following type of contingencies: Financing, Appraisal, Inspections, Pending 3rd Party Approval, Pending Lien Holder Approval, the Closing of the Buyer’s Property and/or at the Seller’s Specific Written Request to Seek Backup Offers. Upon the release of all the contingencies, a listing shall be placed into Pending status within 72 hours. If a Seller refuses to continue to show a home in Active Under Contract status, the listing shall be changed to Pending within 72 hours of the Seller’s communication of that refusal to the listing agent. To further clarify the exact status of a listing, Members may update the Listing Remarks and Agent Notes with additional details.
Pending Status: This status designates the property is subject to an accepted purchase agreement and is moving through the contingencies in the contract towards a closing. This status also indicates the seller has no obligation to show. Sellers may be unaware of the differences in statuses and their respective meanings and it could be worthwhile to ask if a seller would entertain showing and a potential back-up offer. We, at Crane Realtors®, encourage Sellers to move to the Active Under Contract status after accepting an offer to ensure you do not miss an opportunity to have a back up plan. If a bird in the hand is worth 2 in the bush how much are 2 birds in the hand worth? Back-up offers must contain specific language your Crane Realtors® agent is familiarized with, if this language is missing you could find yourself in a predicament where you have sold your home twice and could cause legal issues.
Temporarily Off Market: This status designates the property is not being shown. Brokers use this for a few reasons including but not limited to sellers making necessary modifications to the home, unwillingness to show due to personal reasons, and some use as a way to keep the listing agreement in force until expiration with an uncooperative seller. As of the writing of this section there were 153 listings in this status. We do not display listings with this status in the search results. It may be beneficial to discuss with your agent the possibility for your agent to search the listings with this designation in the MLS and see if there are any property matches and if the Seller has any willingness to entertain showings and offers or when and if they expect the property to return to an active status.
Canceled: This status designates the Seller and listing Broker have canceled their contractual agreement. Now this property not subject to a listing agreement, agency relationship, and may be open for Brokers and Agents to approach to re-list their property for sale or for One Time Showing Agreements to show their property on a case by case basis with a limited contractual agreement.
Closed: This status designates the property has sold. Be sure to browse our site to obtain information on sold homes and their prices on our Neighborhood By County pages.
The team at Crane Realtors® is ready to help you with your home purchase or sale! For exceptional and professional service be sure to call the team at Crane Realtors®. If you have a home to sell, or would like professional assistance with your purchase, use the form below. You can also learn more about Our Process For Listing And Selling Real Estate here and What We Do For Our Buyer Clients here.