We recently did a quick check and found that we have over 100 listings in the Pending status that are all past the Projected Close Date on the listing. How do you keep this updated and why is it important?
The Projected Close Date gives other agents an indication of when the closing will take place. Without this, agents and other potential buyers are in limbo as the correct status of the property. Is it still under contract? Has it already closed? Has that contract fallen through and the property is available again?
If the listing is still under contract and the closing has been delayed for any reason, it’s important to update the listing.
To change the Projected Close Date, go to the Add/Change menu, choose Change then enter the MLS number of the listing. In the bottom left corner, under Status and Price Change, choose Edit Current Status (Pending). This will give you access to the fields used to change a listing from Active to Pending, including the Projected Close Date to be extended.
I also recommend adding a Sale Note to explain the delay, as long as it does not disclose anything that should be kept confidential. However, this is not required.
There are no automatic calculations, like Days under Contract or Days on Market, that use the Projected Close Date, so extending to a future date that is not on a contract is not a problem in the MLS.
There are very few situations in which you would not change the Projected Close Date. Those situations for the most part are legal problems in which you are restricted from making any kind of change to the listing.
We are currently working on a process that will allow us to automatically detect a listing that has gone past the projected close date so that we send out a citation warning. A Pending listing that is past the projected close date is in violation of the MLS rules because the info is not accurate. To avoid receiving this citation, please be sure to monitor your pending listings and update them appropriately.
Questions? Call us at 850-244-2411, or email firstname.lastname@example.org.
Susan Beck, MLS Director
Emerald Coast Association of Realtors®
Fort Walton Beach, FL