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IMLS Rules - Tip!
Posted by Chris Peterson on Monday, May 13, 2019 at 4:38 PM
Categories: Information
IMLS RULES: Contingent Vs. Pending

There are two ways to reflect that a listing has an accepted offer: Contingent and Pending. Section 1.6 of the IMLS Rules and Regulations addresses this topic.

When entering listing information be sure to use the correct status for when a listing has an accepted offer.

Contingent:
  • The listing is still being marketed and will be transmitted to the internet (there is "right to continue to market")
  • Offer are still being accepted (back-up offers)
  • Bump Clause in Agent Remarks (required)

Pending:
  • Offer is accepted (not continuing to market)
  • Back-up offer are not considered
  • Listing is not transmitted to the internet

Bank Owned Properties (treated the same)
Contingent:
  • Bank is looking at multiple offers simultaneously (back-up offers)
  • Bump clause required
Pending:
  • Bank is looking at one offer at a time (no back-up offers)

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