With the dawn of the year in 2012, the San Francisco MLS has undergone a drastic change. Due to the dynamism of the real estate market new status have been added to the categories. In the past the properties revealed the status as “Active continued” when it was undergoing sale or the foreclosure procedure. The new rules and guidelines help the real estate agent to track the status of the property in an accurate manner. Because of these changes by the San Francisco MLS, transparency has increased within the real estate market.
Active continued status under the short sale category implies that the sale offer is accepted by the purchaser who is waiting for the lender to approve said loan. Apart from above, additional purchase offers are also being sought after by the seller. These new changes to the San Francisco MLS will help the real estate agent to bid for the house.
Similarly, the release clause implies that offer is accepted and the sale is accomplished. It also means that seller has no objection over the transaction. Active continued show status indicates that inspections of the seller’s premises are being done by the buyers. Additional offers from other real estate agents could be accepted under the previously mentioned terms and conditions.
The San Francisco MLS also incorporated the active continued probate status that ascertains about the overbidding of the property through the confirmation of the court. These are the properties, which are under foreclosure and could be purchased through the bidding procedure.
There are different reasons, which are responsible for the changes in the San Francisco MLS listings. In the past people were not able to effectively track the status of the property and the procedure-required number of calls to the real estate agent and the sellers. The discrepancy has been reduced largely by the introducing new search status categories. Properties on the San Francisco MLS are different from one another and require extensive research on the part of the buyers to locate the properties according to the requirements and specifications.
Lastly the San Francisco MLS has added new active command categories. New active command categories provide rich sources of information to the users however, the temporary off market category needs more work from the real estate authorities. A day in market is an attribute of the property, which is up for sale. Both attributes are inversely proportional to each other because the longer a property is in the sales listing the lower price it will command. It is possible to withdraw the listing within 30 days and the status is designated as Active cancelled. These changes summarize recent developments and changes to the San Francisco MLS.