How to extend an expired listing or report it as sold?
Table of Contents
CASE 3: The listing was Active, and now it's expired. And the Seller just accepted an offer.
CASE 1:
The listing was in Active Under Contract or Pending status, and now it's expired.
Do I need to report the listing as sold?
YES. Report the listing as sold immediately. You have system access to change the status in Matrix Input.
If you don't have the MLS #, you can locate the listing by searching My Matrix > My Listings > My Expiring Listings.
For additional information, please review the MLS Status Change Flow Chart.
CASE 2:
The listing was in Active Under Contract or Pending status, and now it's expired.
To extend the listing, submit these documents to the MLS Support Team:
1. Amendment Form
- To amend the Expiration Date of the Listing Contract.
2. MLS Change Form:
- Complete the top section.
- Fill in the new date in the Expiration Date field.
- Fill in the Contract Acceptance Date for the Active Under Contract or Pending status field.
- DR/BIC signature is required - this is their authorization for our staff to edit the listing data.
- Seller's signature is not needed on this Change Form.
Clarifications:
While the listing is in escrow, you cannot change the status to Cancelled or Hold.
- Cancelled: Listing Contract is cancelled, and the property is off the market.
- Hold: The Seller is still under a Listing Contract with the Brokerage Firm, but the property is off the market temporarily.
Given that the listing is in escrow, the property is on the market. Therefore, changing the listing to Cancelled or Hold status is incorrect.
CASE 3:
The listing was Active, and now it's expired. And the Seller just accepted an offer. What do I need to do to reactivate the listing?
Option 1:
- Execute a new Listing Contract and relist the property in the MLS.
- The Listing Period Begin Date (Term A-5) for the new Listing Contract shall be the effective date on the Purchase Contract. The End Date shall be a date that is past the estimated closing date for escrow - i.e., End Date shall be a date that is 3 or 6 or 12 months from the begin date.
Input instructions:
- Enter the listing into the MLS as Incoming status.
- Once all the data entered are verified, change the status to Active on the same day.
- Once the listing is Active, change Active to Active Under Contract or Pending status and disclose the Contract Acceptance Date on the same day.
- Once escrow closes, change the status to Sold immediately.
Option 2:
If the Seller prefers to reinstate the original Listing Contract, we can reactivate the expired listing. This is an accommodation, and it's an option if the offer was accepted within the Protection Period stated on the original Listing Contract. If this is the case, then please submit these documents to the MLS Support Team:
- Original Listing Contract
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Amendment to the Listing Contract that shows this language:
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- To reinstate the Listing Contract and extend the Expiration Date to mm/dd/yy" (this new date shall be a date that is past the estimated escrow closing).
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- Purchase Contract
- Counter Offer (if this applies)
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MLS Change Form:
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- Fill in the top section of the form.
- Mark X in the box for Return to Active.
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In the Status Changes section -
- Fill in the Contract Acceptance Date for Active Under Contract or Pending status.
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After our staff make all the changes to your listing, you will have system access to edit your listing thereafter. Reminder - be sure to report the listing as Sold directly in the MLS once escrow closes.
Case 4:
The listing was Active Under Contract or Pending status, and it expired 180 days ago. Then, escrow just closed. How do I report it as sold?
If this is the case, please submit an MLS Change Form (fill in the top, the sold section, and broker signatures at the bottom) + Seller's Final Statement as a supporting document.
Note:
Per Section 1.4 of the MLS Rules - to avoid any penalties, the status must be changed within 4 calendar days. Best practice is to change the status immediately.