This lets you know whether the property is active, pending in escrow , or sold. The MLS use several statuses to indicate the availability of properties. Here are some of the most common:. Zone — This refers to the zoning that the county has assigned to the property. It determines what type of structure s can be built on the property. Sale Type — Indicates if the property is a regular or standard sale, short sale, foreclosure, probate, or some other type of sale.
This shows if there has been a price reduction or change. CDOM includes any previous listing periods. Are there other abbreviations that perplex you? Leave a comment below, and we'll help decipher it for you! Indianapolis Area Real Estate Blog. Home Blog Buyer Resources. Back to Blog Posts Prev Next. What is an MLS listing? How do I make sense of an MLS listing? Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights.
Measure content performance. Develop and improve products. List of Partners vendors. Your Money. Personal Finance. Your Practice. Popular Courses. Personal Finance Home Ownership. Part Of. Getting Ready to Sell. Selling Strategies. Real Estate Agents. The Owner-Seller Option. The Selling Process. Tax Consequences. Definitions A-O. Definitions P-Z. Key Takeaways A multiple listing service MLS is a database established by cooperating real estate brokers to provide data about properties for sale.
A multiple listing service helps real estate agents and brokers connect by consolidating and sharing information while sharing commissions. A listing agreement is a contract between a property owner and a real estate broker authorizing the broker to represent the seller and find a buyer. Open House Open houses are periods of time in which houses or other dwellings are available to be viewed by potential buyers.
Brokers and their Realtors use the MLS to look up detailed information on properties listed in the area their real estate board services. Only members in good standing, with proper licensing, have access to the system. System access is online through the Internet. For a seller, the main point having your home listed in the MLS is to expand your sales force exponentially. Your property is accessible to Realtors locally and around the world. Instead of having just one agent working for you, you have thousands of agents and thousands of websites where potential buyers can find your home.
Too often, Realtors who incorrectly enter data or intentionally alter data to manipulate the system. One way real estate agents manipulate the MLS system is to remove a property through withdrawal and then immediately re-list it. These re-listed homes go out to the hot-list a compilation of new homes, pending and properties that have changed their price to other agents and the public through sites like Listingbook.
Often this is done to show fewer days on the market DOM. Buyers beware. Other times, mistakes are not intentional but made out of input error or incompetence.
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