NWMLS Status & Boundary Changes Jun08
June 19, 2008
The NWMLS formally notified member Washington real estate brokers and subscribing agents of changes to Listing Status procedures and area boundaries for the Bellevue and Renton market areas.
1. Listing Statuses
On June 24th 2008 availabity statuses will be modified ”to more accurately reflect the state of a listing”. Active STI will fade into history … becoming the new “Pending Inspection” status. Two more new statuses will also come into use … ”Pending Feasibility” and “Pending BU Requested”. All of these new Washington real estate listing statuses will appear in Hotsheet reports.
Like the old Active STI status, Pending Inspection will be used when the property has a signed Purchase and Sale Agreement subject toand has a scheduled home inspection. The new Pending Feasibility and Pending BU Requested statuses are self explanatory and used where a purchase and sale agreement is pending a feasibility study or when the seller wants back up offers for their property.
When home inspections or real estate feasibility studies are complete the listing must be changed to Active or Pending, according to their results. NWMLS emphasized “The pending date should not be altered when a listing is changed from one pending status choice to another”. The pending date should be entered as the day the real estate purchase and sale agreement first reaches mutual acceptance.
These new pending statuses are considered off-market and are not expected to effect Washington real estate data or any of our network websites.
2. New Bellevue & Renton Boundaries
NWMLS also announced implementation of boundary changes for the Newcastle/Renton area, to better reflect the actual market areas around Bellevue and Renton. Brokers and agents should quickly familiarize themselves with these changes to areas 350 and 500.
NWMLS has provided this information in PDF format for viewing and printing online at the Discover Home Page under Resources >> Codes and Maps >> King County. Refer your questions or requests for assistance to the NWMLS Listing Input Department.
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