In the Greater Southern MLS system, when a listing’s status changes to Active Under Contract (U) or Pending (P), the listing Agent can enter an Estimated Close of Escrow (COE) Date and other estimated close information. Review the questions below to understand the impact these fields have on your listing.
- What fields are new to the MLS?
We have added the fields below to the MLS. They apply when changing the listing to Pending or Active Under Contract.
- Purchase Contract Date
- Estimated Close Date
- Estimated Close Price
- Estimated Buyer Financing
- Estimated Concessions Amount
- Estimated Concessions Comments
- Estimated Buyer Agent MLS ID
- Estimated Buyer Team MLS ID
- Estimated Co-Buyer Agent MLS ID
- Estimated Co-Buyer Team MLS ID
- Private Remarks
- Contingency List
2. Why did we add these fields to the MLS?
Estimated close of escrow information in the MLS allows the listing agent to efficiently manage pending sales and helps keeps data current. Based on the information entered in the MLS, the listing agent will receive reminders of the upcoming Estimated COE Date.
3. Are these fields required?
Not right now. However, fields 1-7 listed in the answer to Question 1 will become mandatory in the future. At that point, a listing agent or other user must enter the information to successfully update the listing to Pending or Active Under Contract.
4. Who can see the Estimated Close Information?
Only the Listing Agent, Broker, Office Manager, Association/Board Staff and Greater Southern MLS Staff can see the information entered in the estimated fields.
5. Will I receive a notification reminding me of the upcoming Estimated COE Date?
Yes. Matrix pop-ups will appear 14 days, 7 days, and 1 day before the Estimated COE Date, and then again on the day of your Estimated COE Date.
6. What do I enter if I don’t know the Estimated COE Date?
You can enter a forecasted date. Once you enter an Estimated COE Date, you can modify the field as needed.
7. What should I do when a listing’s COE Date has been delayed?
If your listing’s Close of Escrow has been delayed, you should manually enter a new Estimated COE Date in the listing within 72 business hours of the existing Estimated COE Date.
8. What should I do if I need to update the Buyer’s Agent information?
While the listing is in the status of Pending or Active Under Contract, you will still be able to edit the estimated close information.
9. What should I do when the property has closed escrow?
You should manually change your listing’s status to Closed no more than 72 business hours after the final closing date.
10. What happens if I don’t update the fields or listing if the Estimated COE Date has passed?
The listing will continue to display the estimated close of escrow information and will remain in the status of Pending or Active Under Contract until changed to Closed. Please keep in mind that these fields will be required in the future, at which point you must manually update the listing to prevent the system from automatically closing the listing. After we make the fields mandatory, if the system manually closes the listing, the listing agent and office manager or broker could be subject to a citation and fine.