The one that causes the most confusion on MRIS Status box is CNTG/KO -Contingent with Kick Out
This status means that the listing has an accepted contract but it is contingent upon the buyer getting a contract and closing on their current home. Additionally, contingent kickout (CNTG/KO) means that if a buyer who can purchase without selling a home could make an offer on the home. If the seller likes the second offer better, he could give notice to his first buyer that the first buyer must waive the contingency or be kicked out of the contract so that the seller can move forward with contract number 2. Usually there is a time from that the original contract must perform.
MRIS uses the following status types to indicate a property’s availability:
- ACTIVE – Indicates that the property is available for showing with no contingencies, contract or rental application registered against it.
- CNTG/KO – (Contingent with Kick Out) – Indicates that the property is available but has a contract with at least one pending contingency that includes a kick out clause.
- CNTG/NO KO – (Contingent with No Kick Out) – Indicates that the property is available but has a contract with at least one pending contingency and the pending contingencies do not contain kick out clauses.
- APP REG – (Application registered) – Indicates that the property is available but a rental application has been registered on it.
- CONTRACT – Indicates that the property has a ratified contract with no pending contingencies.
- SOLD – Indicates that the property is sold and settled.
- RENTED – Indicates that the listing has been rented.
- TEMPORARY OFF – Indicates that the property is not available for showing. This status is for short term use, 14 days or less, and must have seller approval.
- EXPIRED – Indicates that the listing agreement has expired.
- WITHDRAWN – Indicates that the listing agreement has been terminated prior to its listing expiration date.
If you co not use the correct status types in MRIS, you may be subject to a fine. The best real estate agents know what to do. Be the best in Fredericksburg!