When you hire a real estate agent and he or she lists your home in the Multiple Listing Service, or MLS, the home's status will be active. Before the home is sold, the status could change. As a seller, you need to understand what each status means and how it could impact your ability to sell your home.
What Is a Withdrawn Listing?
A withdrawn listing simply means that you have decided to remove your home from the MLS. During this period, your contract with the listing agent is still in effect. The home is not for sale, but you still have a contract to honor. After the period stated in your contract with the agent has passed, you can re-list your home.
You also cannot be approached by another agent to work with you. Due to the terms of the listing contract, you likely cannot sell the home directly to a buyer, either. You will have to wait until there is a status change. If you do not re-list the home, its status could change to expired or cancelled.
When Is a Listing Considered Expired or Cancelled?
An expired or cancelled status in the MLS means that your agreement with the original listing agent has ended. In essence, the period specified in your listing contract has passed, and you are now free to move forward. It could be because the home did not sell or because you requested the removal of your listing and the contract is expired.
You can choose to re-list your home with the same agent or you could hire another agent. When the home is re-listed, an entirely new listing is created. Your real estate agent might need to take new photos for the listing and create a different description.
Do You Have to Pay if You Have an Agreement on the Expiration Date?
The listing agent is entitled to receive his or her fees if the home is under contract when the expiration date arrives. Even if you no longer have a relationship with him or her, you have to pay.
The agent will be required to complete the sale of the home and be there on closing day to make sure all of the documents are signed. If you fail to include the agent in on the deal, you could be in legal trouble.
Talk to your agent to learn more about other possible statuses for your MLS listing.
