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LAKE OSWEGO REAL ESTATE ARE YOU WTH OR CAN?

As real estate agents, we use a lot of acronyms.  In addition, there are certain abbreviations within our RMLS™ that buyers and sellers are sometimes not aware of and can mean the difference in selling a Summa_1home.

I have noticed a lot of listings within our RMLS™ that are WTH (withdrawn) vs. CAN (Canceled).  Sellers may not be aware that there is a big difference as to how your house appears in the RMLS™ especially if you are wanting to sell your Lake Oswego home.

There is a shortage of housing inventory, and it is important you know the status of your home as it is listed in RMLS™. You can search your own home, ask your agent to show you how it appears in RMLS™ or request a copy of your RMLS™ listing. A copy of the listing, and any changes to it, should have been given to you by the agent.

Now is one of best times to sell in years and if you are WTH, you might be missing out on buyer demand and a sale.

RMLS™ WTH OR CAN?

There is some confusion about the difference between the Canceled (CAN) and Withdrawn (WTH) statuses within RMLS™. In a nutshell, when a listing is canceled, the real estate agent and seller no longer have a contract between them—the sellers may be approached to relist their property by another brokerage/agent.

When a listing is in a withdrawn status, the agent and seller still share a contract—agents should not approach the seller and this may be subject to an ethics violation.  Basically, you property just is not listed within RMLS™ for sale but you still have a binding contract with that brokerage.

There are many reasons sellers WTH withdraw their properties for sale from RMLS™.  Perhaps there was an emergency personal situation and they, for a brief period of time, don’t want the house on the open market available for showings.  Perhaps repairs were needed and not completed.  Perhaps there was an unplanned trip that required the home to be unavailable for a short period of time.  However, if you want your property sold, and you are in an WTH status in the RMLS™, your property is basically off the market, even though you still have it listed with a brokerage/agent.

OTHER RMLS™ ABBREVIATIONS

The following is from RMLS™ on the definition of each status:

  • Active (ACT) Active is the status for any property for which there is a current and in-force contract with a seller.
  • Expired (EXP) Once the contract with the seller reaches its expiration date, that listing is considered expired. Naturally, it should be marked EXP in the database. This will happen automatically at midnight on the date specified in the Expiration Date field.
  • Canceled (CAN) Listings may also be canceled prior to their expiration date. The Canceled status signifies that the listing contract has been canceled and terminated. Obviously, if the CONTRACT with a seller has been canceled then the real estate agent would not want to actively market or advertise the property. The date that is change when the listing to Canceled gets recorded in the Expiration Date field and the listing will always appear as CAN from that point on.
  • Withdrawn (WTH) If an owner requests it, and has signed the proper paperwork, an agent can withdraw a listing in the RMLS™ database. The contract between the agent and the seller is still in force, but the property will no longer be actively marketed or advertised. This could be a temporary condition and the listing can be returned to Active status later. Special note: A listing marked WTH will still expire once it hits midnight on the date specified in the Expiration Date field.
  • Bumpable Buyer (BMP) Accepted offers with bumpable buyers shall be only those listings with an accepted offer which provides: 1) that the buyer’s purchase is contingent upon the sale of the buyer’s property within a limited time; 2) the buyer’s property is in a category which can be listed in RMLS™; and 3) that if the seller receives another acceptable offer, the first buyer has a specified period to remove the contingency.  A property may not remain in active status if an offer has been accepted with the foregoing terms. “Accepted offer with bumpable buyer” sales will remain as searchable listings in BMP status in the RMLS™ System until a status change is reported. If there is an accepted offer that is dependent upon the sale of other real property then the listing should be marked BMP until: a.) The contract expires b.) The contract is canceled c.) The agent designates the listing to be pending (see below) d.) The listing goes back on the market and the status is marked Active again.
  • Pending (PEN) Pending signifies that there is an offer that has been accepted. Pending is the last step before the actual closing of the sale. An agent can mark a listing PEN anytime the sale of the property is dependent upon something OTHER than the sale of other real property or an accepted offer with lease option terms.
  • Pending Lease Option (POP) Pending Lease Option signifies that there is an accepted offer with lease option terms.
  • Short Sale Pending (SSP) Short Sale Pending includes only those listings: 1) where there is a Short Sale as defined by RMLS™ Rule 3.25; 2) where the Seller has accepted the offer; and 3) where the 3rd Party approvals have not yet been obtained.
  • Sold (SLD) Once the contract is closed and the sale of the property is final, it is marked sold.
  • Commercial Lease Sold (LSD) Once the property has been fully leased or up to five (5) partial leases have been completed, the listing is marked as leased.
  • Sold Not Listed (SNL) The SNL status denotes properties where the buyer was represented by an RMLS™ member but the property was either not listed by an RMLS™ member or was an office exclusive where the listing office declined to enter the information after the sale. (See Rules & Regulations section 3.27 for more information.) SNL is entered after the property is closed and does not appear on the Hotsheet as a new listing. NOTE: After an SNL property is entered into the system, it cannot be modified.

Any changes to a property listing need to be submitted to RMLS™ within 72 hours.

Search For Real Estate

You can use this phone app to search for the home of your dreams either on your cell phone or tablet – http://app.summarealty.com/SMAFZ

My new website is also available and you can search for Lake Oswego real estate or any homes for sale in the metro PDX area or surrounding communities – http://www.summalakeoswego.com/realtor-betty-jung

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is in violation of federal copyright laws

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Lake Oswego Real Estate Selling Your Home Without RMLS™ And Pocket Listings

There’s been a lot of discussion about pocket listings in the real estate industry here in Oregon and around the Lake Oswego Real Estate Selling Your Home Without RMLS And Pocket Listings.lakeoswegorealestateblog.wordpress.comcountry.

What are pocket listings?

Pocket listings are defined in various ways, but the most common definition is that a property is not widely advertised for sale. A number of articles have been published about listings never becoming public in places where there is very low inventory.  With our low housing inventory, we too have been experiencing pocket listings here in our Portland/Lake Oswego real estate market. In Oregon and Washington, the standard of care, however, is to put all listings in our RMLS™.  

There may be legitimate reasons why a seller would not want property advertised widely. One reason could be that a seller does not want a certain person to know that the property is for sale.  Or a seller does not want a lot of people walking through the home. Maybe there is something in the home that owners don’t want strangers to know about. Showing a celebrity’s home widely available might turn it into a circus. Some sellers want to limit showings, thinking their home would sell quicker.  However, a property can never be excluded from RMLS™ if the reason violates Fair Housing laws.

A new rule became effective yesterday regarding pocket listings in our Lake Oswego and Portland metro real estate markets from RMLS™.  There have been some real estate agents and sellers excluding property from the RMLS™.

What is the RMLS?

Most of you are familiar with RMLS™.  But what really is it?

It is a service I pay for which disseminates information to more than 10,000 other local real estate brokers who subscribe to RMLS™. The purpose of RMLS™ is to support its participants by bringing together buyers and sellers through the cooperative efforts of our participating real estate firms, resulting in quick, efficient and well-managed sales, providing the greatest convenience to sellers and buyers.

As a Lake Oswego real estate broker, I am a member of RMLS™ (Regional Multiple Listing Service). RMLS™ requires brokers participating in the service to submit all exclusive right to sell and exclusive agency listings to RMLS™ within 72 hours of obtaining a signed listing agreement (or, later, if there is a specific date when marketing will begin), and unless a broker submits an Office Exclusive/Authorization to Exclude Addendum signed by the Seller(s) agreeing to exclude the listing from our RMLS™.

How does putting your home in the RMLS™ benefit you?

Listing property with the RMLS™ exposes a property to all real estate brokers who subscribe to RMLS™, and to their buyer clients. RMLS™ may further transmit the RMLS™ database to internet sites that post property listings online (known as third party sites). Cooperation among brokers from many brokerage firms, by including the listing in the RMLS™, increases a seller’s chances of identifying a qualified buyer and obtaining fair market value (highest and best price) for the property.

As a Lake Oswego real estate agent and member of the National Association of Realtors® (NAR), I follow NAR’s strict Code of Ethics required of all REALTORS®. RMLS™ subscribers agree to cooperate with all brokers in making a property available for showings to prospective buyers, and we adhere to strict NAR guidelines for the presentation and negotiation of contracts, thus furthering the interest of both the client and the public.

Selling Your Lake Oswego Home Without The RMLS™

There are two basic economic theories: that markets work best when there are a large number of willing and able sellers and willing and able buyers, and that a healthy market sets prices efficiently.

However, by limiting or excluding your property from RMLS™, there would be fewer buyers and chances are that none of them will like your particular property.  Those buyers would be willing to pay less for what is available if your property is not advertised to a wider audience and excluded from RMLS™.  But if there are a large number of buyers, there will be a larger number of them interested in any given property, and they know that they will have to pay more to beat out the other buyers for your home.

There are a few circumstances where a seller might request their property not be exposed in the RMLS™. But if you want your home exposed to a larger audience, receive the highest and best price, your home should not be excluded from RMLS™.

Search For Real Estate

I have a new search site available to find Portland metro and all outlying properties for sale.  You can view RMLS™ information here. My website is also available.

Thinking of Selling Your Lake Oswego Home?

Prices are increasing at a fast pace in Lake Oswego. Interest rates are still low and there is a huge pool of buyer demand. I have ready, willing and able buyers ready to purchase your home. If you want to know the value of your home in today’s real estate market, please call me at 503-804-9685.

Moving to Lake Oswego?

Want to know more about Lake Oswego? I’d love to be your buyer’s agent, please give me a call at 503-804-9685.

I have worked in Lake Oswego as a Real Estate Broker since 1975 and have lived in Lake Oswego since 1988 and know all the neighborhoods! The real estate market is “hot” here in the Portland metro area and Lake Oswego. I am ready to assist you with all your real estate needs! “There is no substitute for experience.”

ALL ABOUT…..Lake Oswego Real Estate. Copyright 2008-2016. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of Federal copyright laws.

Contact Betty Jung

Betty Jung, Broker
REALTOR®
CRS, GRI, ABR, SRES, CNHSS

Summa Pacific Cascade
4949 Meadows Rd. #100
Lake Oswego, Oregon 97035

Licensed in the State of Oregon

503-804-9685 Cell

or email:betty@bettyjung.com

"Selling Real Estate Since 1978. There Is No Substitute For Experience!"

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