We have had several questions lately regarding the “Coming Soon” listing status. There are several sources of information for Guidance.
First, the FMLS Administrative Rules defines “Coming Soon”: The property is currently “off market,” and will be Active within the next 21 days. Only FMLS members will be able to view Coming Soon listings. The Coming Soon status is only available at the beginning of the listing period, and once a listing is taken out of the Coming Soon status, it cannot go back into Coming Soon.
Coming Soon status does not appear on public websites, such as ggeorgiamls.com.
Georgia MLS has issued a “Coming Soon Frequently Asked Questions.” In it, it is clear that while in Coming Soon status a listing cannot be shown or made available for offers before the On Market Date. The Coming Soon status can be changed to Active, but once it is Active, it cannot be changed back to Coming Soon.
Listings in the Coming Soon status have the same functionality as other listing statuses. They can be searched, printed, emailed and exported and included in CMAs.
The question has been asked whether disclosures such as the Seller Property Disclosure or Community Association Disclosure can be made available upon request from an agent during the Coming Soon status period. Although not answered in the MLS FAQs, in the interests of fair play, our recommendation is that no single agent should be allowed access to disclosures unless all agents are also allowed access. However, the documents can be uploaded into the Coming Soon listing so that the same information is available to all MLS agents.
Last, the “Protect Yourself When Selling A House” consumer brochure (CB10), written by GAR, contains the following guidance regarding Coming Soon. In our opinion, there is an inconsistency in the language of the GAR brochure with the GaMLS FAQs and the FMLS definition. In the paragraph below, the GAR Brochure indicates that an offer could be accepted during the Coming Soon status, contrary to the GaMLS FAQs and the FMLS definition. If you find yourself in this situation, please contact any member of the Broker Team for consultation.
CB10: Protect Yourself When Selling A House
“Should an offer be received during the “Coming Soon” phase, sellers should be aware that their property has not been fully exposed to the marketplace and may want to consider a delay in accepting the offer until the property has been fully marketed via a MLS or until the broker makes the property available for all buyers to consider purchasing.”
Real Estate News, Brokers Blog & More