If a sales contract is executed by a buyer and seller with a sales price of less than what the seller owes and the sale is subject to the lender’s approval, what should the MLS status be reflected as?

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  • If a sales contract is executed by a buyer and seller with a sales price of less than what the seller owes and the sale is subject to the lender’s approval, what should the MLS status be reflected as?

Each MLS enacts and enforces its own rules, so consult your MLS to discover if there is an answer that could be unique to that MLS. Generally speaking, the status should be “pending.” Any time a contract is executed on a listing, the MLS status should be changed to “pending.” Remember, even though the sale is subject to lender approval, once the buyer and seller execute the contract, it is effective.

Source: TAR

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