I have a listing agreement with a seller, and in light of current circumstances they don’t want anyone coming into the house. They have indicated they want to shut things down and sit this out for a while.
WHAT STATUS SHOULD I USE?
The answer really depends on what the agreement is between the seller an the listing broker with regard to the listing (employment) contract. The biggest differences between TOM and WTH statuses has to do with whether or not there is a valid listing agreement in place.
The TOM status is a way to “pause” or “hold” a listing temporarily off-market. Because the employment contract is still in place, the listing broker is likely still entitled to compensation from the seller should the property sell, however Public Marketing is not allowed pursuant to new NAR MLS Policy Statement 8.0.
The WTH status is used to indicate a situation where parties to the listing agreement (Seller/Listing Broker) have agreed to CANCEL THE EMPLOYMENT AGREEMENT prior to its expiration date, so that there is no longer an employment contract in place.
DO DAYS ON MARKET COUNT?
TOM: Listings DO NOT ACCRUE DOM while in a TOM status.
WTH: Listings DO NOT ACCRUE DOM while in a WTH status.
DO CONTINUOUS DAYS ON MARKET (CDOM) COUNT?
TOM: Listings DO NOT ACCRUE CDOM while in a TOM status.
WTH: Listings MAY ACCRUE DOM while in a WTH status, if the property is reactivated in the MLS within 90-days of its withdrawal date. In this case the CDOM will add any previous time on market to the new listing’s CDOM.
WHEN CAN/MUST THE PROPERTY GO ACTIVE AGAIN?
TOM: TOM listings may go back to active at any time. After 30 days, the system will AUTOMATICALLY change the TOM listings to Active, however you can request a 30-day extension to your TOM listing, allowing it to be paused for up to 60-days. TOM listings must be moved back to active within one business day of resuming public marketing.
WTH: WTH listings MAY NOT GO BACK ACTIVE until at least 10 days after the withdrawal. Also keep in mind, if the property has not been in a WTH status for at least 90-days the CDOM calculations will carry over from the previous days on market.
|What is it?||Pause/Hold on listed property||Cancel listing before expiration|
|Is there an active listing agreement in place?||YES||NO|
|Do Days on Market Count?||NO||NO|
|Do CDOM Count?||NO||YES|
|When can/must it go active ?||Can be moved back to active anytime up to 30 or 60 days with an extension. Must be moved back to active within one business day of resuming public marketing per MLS policy 8.0||Cannot go back active for at least 10 days following withdrawal.|