The NWMLS has announced that as of June 24th 2008, they will no longer use the term. Active STI. It will become Pending Inspection and two new statuses will be created, Pending Feasibility and Pending BU Requested.
For those who are members and have access to the database, all three statuses will appear in the pending section of the Hotsheet. Pending Inspection will be used when the property has a signed Purchase and Sale Agreement and has an inspection scheduled. Pending Feasibility will be used for listings where a purchase and sale agreement is signed pending a feasibility study. Pending BU Requested will be used when the seller would like to receive back up offers.
Once the inspection or feasibility study is completed the listing must be changed. The listing would be set to Active, if the inspection or feasibility study were not waived and the sale fails, or Pending, if waived.
The most significant change is that properties with a Pending Inspection status (formally STI) will not be visible on the public websites. All pending statuses shall be considered off-market and will be treated as follows:
- They will not accrue market time.
- They will be included in the Pending section of the NWMLS monthly published statistics.
- They will not be included in the NWMLS Standard IDX feed and cannot be displayed on a web site.
I’m sort of surprised that Pending BU Requested will not be in the IDX feed and can not be shown on public websites. This goes counter to what Sellers want. That is, continued exposure to the market. Perhaps this will change with time too if the NWMLS receives feedback about it.