Accuracy Matters: Don’t forget your status dates

Every week, Bright finds thousands of listings with outdated settlement and contingency dates. While they may seem small, these inaccuracies negatively impact CMAs, appraisals, market statistics and the reliability of listing information. These can also result in fines and penalties if ignored. 

Here are 3 ways you can ensure your listings stay in compliance:  

1. Watch for listing notifications on your Workspace and Listing Management. These notifications are available to remind you about upcoming changes you’ll need to make to your listing(s). Check them every time you log into Bright. 

 

2. Schedule your listings to automatically close on the close date. If the close date seems fairly certain, consider selecting the auto-close functionality. You can always update the close date or turn this off at any time if anything changes.   

3. Take quick action if you receive a violation notice. Your first violation notice from Bright does provide a 3-day grace period. If you make the update within that time, you will not receive a fine notice. Look for the grace period date on your notice to make sure you are still within this window.

What happens if the Agreement of Sale expires but the seller and buyer are still in negotiations? 

The status of the listing reflects the validating listing documentation.  If an agreement of sale expires and there is no extension, and the seller does not wish to accept showings or offers, then the listing must be moved to Temp Off.  Once an extension is signed by all parties the listing can be moved back to Pending with new, accurate dates related to the extended (or new) agreement of sale and any associated contingencies. 

If the agreement of sale is still in place, but the closing dates has passed, then either the seller or the buyer may be in breach of contract, but that does not necessarily invalidate the agreement of sale.  In these cases the listing agent should extend the Closing Date to their best estimate.  Once the agreement of sale is extended the listing agent is required to update the MLS listing with the new mutually agreed on date.