Real Estate MLS Codes for Chicago
Real Estate MLS Codes are different in every state. What do the MLS Codes for Chicago stand for? Here’s a breatk down.
What does it mean when the MLS code for a listing is Active Status in Chicago?
There are several MLS Code categories within the Active status in MRED (Midwest Real Estate Data), Chicago’s MLS. When properties are in the Active status they will continue to feed to websites that have access to the MRED listings. If a homebuyer is looking on one of these websites, they will not necessarily know which category of Active status the property has.
NEW – A home listing the is NEW to the market will have the NEW status for 5 days, and then the listing will shift to ACTV.
ACTV – Active means the home is on the market and available for sale.
PRIV-ACTV – An active listing. May, or may not, be available for showings based on the listing agent’s designation.
PCHG – Price change signals the home price has been changed. The PCHC status will remain for 5 days, and then the listing will shift to ACTV.
RACT – Reactivated signals the home listing has been reactivated after a previous of Contingent, Pending or Temporarily No Showings. RACT status will remain for 5 days, and then the listing will shift to ACTV.
BOMK – A listing previously showing Canceled, Closed, Expired or Rented status. The Back on Market status will show on connectMLS for 5 days
AUCT – A listing that is now being offered through an Auction
What does it mean when the real estate MLS code for a property is Off Market in Chicago?
The real estate MLS Code can be changed to Off Market for a variety of reasons, so we’ve got the breakdown for you below.
PEND – Pending refers to a listing with a fully executed purchase contract with no contingencies other than closing.
PRIV-PEND – Refers to a listing with a fully executed purchase contract with no contingencies other than closing.
TEMP – Temporarily off the market means the home has been removed from the market because the seller cannot accommodate showings.
CLSD – Closed means the property is sold and closed.
EXP – Expired means the listing contract has ended or “Expired”. Home is not officially on the market.
CANC – Cancelled means the Seller has canceled the listing and the home is not on the market. There are many reasons that a seller may cancel a listing. Home is not officially on the market.
PRIV-EXP – An expired listing. This is considered an Off-Market Status.
PRIV-CANC – A canceled listing. Off-Market, Date is required.
RNTD – Rented means the property is rented.
What does it mean when the MLS code for a listing is marked contingent in Chicago?
When a property has an accepted offer, the real estate MLS code is changed to contingent status. When a property has an accepted offer it is considered under contract in Chicago. There are several contingencies that need to be met on the way to the closing table, so there is a status to account for each one. The first two (A/I & CTG) are considered early contingencies and are still categorized as ‘Active’, and as such will be distributed to the real estate portals.
A/I – Attorney/Inspection Contingency means the home remains in the active status because the home inspection and attorney review period are early on in the contract. The seller has accepted an offer contingent upon the buyers’ inspection. The seller may take backup offers in the event the first contract does not move forward.
CTG – Contingent listings are active properties in which backup offers
can be presented. Note: Continue to Show field is required when marking the listing
PRIV-CTG – A contingent listing. Contingent listings are active properties in which backup offers can be presented.
CTGO – Contingent on some other condition (for example, trailing spouse approval). It is uncommon to see this status used.
CTGA – Contingent on Auction (continue to show unless otherwise specified).
FIN – Financing contingency means the property is under contract and has made it through the attorney and inspection contingencies, and the final contingency is the mortgage contingency.
HS (24,48,72) – Home Sale 24, 48, or 72 means the seller has accepted an offer contingent upon the buyer selling their home. The seller may continue to show the property and receive offers. If the seller receives another offer, the first buyer has either 48 or 72 hours to either drop their Home Sale contingency and move forward or cancel the contract.
HC (24,48,72) – Home Closing 24, 48 or 72 means the seller has accepted an offer contingent upon the buyer who has an accepted offer to close on their home. The seller may continue to show the property and receive offers, though the risk is likely low. If the seller receives another offer, the first buyer has either 48 or 72 hours to either drop their Home Closing contingency and move forward or cancel the contract.
SS – Contingent on Short Sale
Property Types in Chicago:
DE – Detached Single Family is a single-family property that most often does not touch any other single-family property and has its own real estate tax identification number (PIN). Row homes that share party walls, but also have their own PIN are also included in this property type.
AT – Attached Single Family is a residential property that shares at least one wall with another single-family property and has its own real estate tax identification number (PIN). This includes condominiums, townhomes, and cooperative apartments.
MU – Two to four units being sold as a whole with the same real estate tax identification number (PIN).
VL – Vacant land is considered a property where the value is in the land rather than any structure on the land.
MF – Multi-family 5+ units Properties for sale only Examples include: 6-flats, apartment buildings, apartment complexes.
RN – Residential Rental is any residential property for rent/lease.
Different Types of Listings in Chicago:
This is just a quick overview, there are many scenarios that may come into play with any of these types of listings. Make sure you are working with an experienced real estate agent, lender and title company and/or attorney.
Traditional Seller - The majority of transactions are traditional, and sellers are selling the home that they currently or recently lived in.
Relocation Sale – The seller is moving due to a job relocation, the relocation department of their company is managing the sale. There is often additional paperwork for the buyer and the relocating seller. There are a variety of structures for this type of listing, depending on the seller’s relocation benefits package. In most cases, the relocating seller will negotiate the contract and then sell their interest in the property to the relocation company once the buyer receives their financing and the contingency is closed. The buyer is then purchasing the property from the relocation company. Relocation companies will sometimes have the relocating seller complete customary inspections in advance and remedy defects to avoid surprises at the home inspection. The relocating seller is required by the relocation company to complete a Real Property Disclosure, and as the relocation company did not occupy the second set of disclosures will indicate the home has not been occupied by the owner for the past 12 months.
Investment Property – Seller owns the home but does not live in the home, it may be a rental or a renovation. The Real Property Disclosure will indicate the home has not been occupied by the owner for the past 12 months.
Bank Owned Foreclosure - The bank owns the home. There is more risk to the buyer because there is no seller disclosure. There will be more paperwork for a Bank Owned property and you may be asked to take on some risk surrounding the status of the title work. In the case of condominiums, Banks can only be forced to pay up to 6 months of back assessments.
HUD Sale – Government-owned foreclosure. The buyer takes on the risk and some of the expenses such as paying and arranging for water and electricity to be turned on prior to inspection, and to de-winterize and winterize for inspection. There is a Waiver of Disclosure and HUD is also exempt from many state and city regulations such as truth in housing inspection.
Short Sale – Seller owns the home but may owe more to the bank than the home is worth. The bank must approve the sale and price, and the process in Illinois includes many steps. The bank can decline the terms even though the seller has accepted the price and terms of the offer. You may wait 3-6 months to get an acceptance, counter, or rejection. If the offer is accepted by the bank, you will typically have 30 days to close. If there is a 2nd mortgage or home equity line of credit (HELOC), both banks will need to approve the sale if they are not being paid in full.
Estate Sale – The owner may be deceased or incapacitated and their representatives or family members are directing the sale.
What are Private listings in Chicago?
A Private (PRIV) listing is a listing with limited required fields. These listings are sometimes referred to as “coming soon” listings. These listings are searchable on the MLS by brokers and can be sent by brokers to their registered buyers. There is a benefit to sellers in that they can take time to complete improvements, prepare marketing, price test before going live on the market. Registered buyers are often able to tour these properties before they hit the market. These listings are not syndicated to the real estate portals.
Whether you are buying in Chicago’s Gold Coast, Bucktown / Wicker Park, Lakeview, Lincoln Park, River North, or West Loop, your broker will find out as much information as possible about the type of sale and give you advice on how to navigate the offer. For a no-strings home buyer consultation just call Maureen Moran at 312-953-7811 or contact us below.