As soon as an offer is accepted by the seller on an Active listing with the sub status of Short Sale, according to TSMLS rule 10.1, you must report the listing as Active Contingent. Active Contingent is a sub class of Active, and meets the bank’s request to leave the listing active without violating TSMLS rule 10.1. The status Active Contingent communicates that there is a condition or conditions (i.e. bank approval) to be met before the listing can go into Pending status. Pending status implies all contingencies have been met, and the listing is in escrow awaiting Sold status at close. When searching for Active Short Sale listings, be sure to include Active Contingent Short Sale in your search, as the bank may reject the accepted offer.
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