We hear it everywhere we go and from every real estate article: There is a shortage of listings across the country. This being said, it is a great time to review what the CCS status is, and how it can work for both buyer and seller in a market with limited listing options.
If an agreement to purchase a property has been signed and is dependent on the sale of the buyer’s home, the listing should be updated to CCS. This is the only indication for using the CCS status on a listing—no other contingency scenarios shall be related to the CCS status.
If an agreement to purchase a property has been signed, whether it is dependent on the buyer obtaining financing, an inspection, or any reason OTHER than the sale of the purchaser’s home, then the listing should be updated to Pending (not CCS).
By listing as CCS, the listing remains active in the MLS which in turn allows agents to continue to show and take backup offers for the listing. In a low-inventory market, having backup offers provides the opportunity for buyers to have options, and sellers to have reassurance.
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