For real estate agents and buyers in San Francisco deciphering a property’s history and current market status listed with the Multiple Listing Service is about to get easier.

Bringing San Francisco’s listing categories in line with other Bay Area regions, the San Francisco Association of REALTORS announced their MLS system will be adopting a more-detailed effective January.

Previously ambiguous categories of “active contingent” and “withdrawn” will be clarified under the new system by requiring listing agents to provide previously omitted details, which should reduce listing agents taking advantage of any ambiguity so as to how long a property has been on the open market. Changes take place January 4, 2012 and consist of:

No accepted offer

Act. Cont.-Short Sale:
Accepted offer pending lender approval, additional offers being sought

Act. Cont. – Rel. Clause*:
Accepted offer with a subject to sale seller release clause, additional offers being sought

Act. Cont. – Show*:
Accepted offer with Buyer contingency provisions such as inspections, accepting back-up offers

Act. Cont. – Probate*:
Accepted offer, available to be overbid through the court confirmation process

The Seller has accepted an offer and is not soliciting additional offers

Temp. Off Market*:
The listing contract is still valid, but the property is not being actively marketed and there is no accepted offer.

Withdrawn – Cancel*:
The listing agreement has been cancelled

Withdrawn – Duplicate*:
Duplicate listing, property can be found as pending or sold in another category

The listing agreement has expired

Escrow has closed

*New MLS status as of January 4, 2012.

For more questions as to what this means for you, contact Kevin Ho today.