What is SSP- Short Sale Pending?

A few months ago RMLS added the short sale pending field to listings.  In a traditional sale, the life of a listing is Active –> Pending –> Sold.  When a property is changed to Pending in RMLS it is removed from search engines and is off the market.

With a short sale, the bank has to approve the offer before the property is Pending and off the market.  Therefore the short sale listing goes from Active –> Short Sale Pending (SSP) –> Pending –> Sold.  The listing is changed to SSP when an offer is received and sent to the bank for approval.  During the SSP period the property remains on search engines and is available to show.  There is an offer in the works but there is room for a better offer or back-up offer depending on how the short sale is being handled.  Once the bank approves the sale the listing is changed to Pending.  *RMLS rules give agents 72 hours to update status changes in the computer.

Active, Short Sale Pending, and Bumpable listings are the only ones appear in searches.

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