Exploring the Different MLS Codes for Chicago Real Estate
Real estate MLS codes vary in every state, and it’s important to understand what they mean when searching for properties. Here, we break down the MLS codes for Chicago, giving you a clearer understanding of each category within the Active status in MRED (Midwest Real Estate Data), Chicago’s MLS.
When a property is in the Active status, it will be listed on websites with access to MRED listings. However, potential homebuyers browsing these websites may not be aware of the specific category within the Active status that a property falls under.
NEW – Fresh to the Market
A property with the NEW status has just been listed and will remain in this category for 5 days. Afterward, the listing will shift to ACTV (Active) status.
ACTV – Available for Sale
Active status means the property is currently on the market and available for sale.
PRIV-ACTV – Available for Showings at Agent’s Discretion
A listing with the PRIV-ACTV status is active, but showings may or may not be available based on the listing agent’s designated preferences.
PCHG – Price Change
If a property’s price has been altered, it will be marked with the PCHG status. This status will remain for 5 days, and then the listing will revert to ACTV status.
RACT – Reactivated Listing
A property with the RACT status has been reactivated after being in a Contingent, Pending, or Temporarily No Showings status. The RACT status will last for 5 days before transitioning to ACTV status.
BOMK – Back on the Market
When a listing previously showed a Canceled, Closed, Expired, or Rented status, it will be marked as BOMK. This status will be displayed on connectMLS for 5 days.
AUCT – Auction Listing
A property marked with AUCT status is now being offered through an auction.
Understanding Off Market MLS Codes in Chicago
When a property is Off Market in Chicago, its MLS code can change for various reasons. Let’s delve into what each code means in this category.
PEND – Pending Sale
The PEND code indicates that a listing has a fully executed purchase contract with no contingencies other than closing.
PRIV-PEND – Pending Sale (Private Listing)
PRIV-PEND refers to a listing with a fully executed purchase contract and no contingencies other than closing. This code is used specifically for private listings.
TEMP – Temporarily Off the Market
TEMP status means the property has been taken off the market temporarily as the seller cannot accommodate showings.
CLSD – Property Sold and Closed
Closed status indicates that the property has been sold and closed.
EXP – Expired Listing
When a listing contract has expired, it is labeled with the EXP status. This means the property is no longer officially on the market.
CANC – Canceled Listing
If a seller decides to cancel their listing, the property will be marked as CANC. Again, this means the property is no longer officially on the market.
PRIV-EXP – Expired Listing (Private)
PRIV-EXP denotes an expired listing and indicates that the property is now off the market.
PRIV-CANC – Canceled Listing (Private)
PRIV-CANC signifies a canceled listing and confirms that the property is off the market. The date of cancellation is required.
RNTD – Property Rented
RNTD status indicates that the property has been rented.
Understanding Contingent MLS Codes in Chicago
When a property has an accepted offer, its MLS code in Chicago will change to contingent status. Let’s explore the various contingencies and their corresponding status codes.
A/I – Attorney/Inspection Contingency
The A/I code is used when a property remains in active status due to the home inspection and attorney review period being early on in the contract. The seller has accepted an offer contingent upon the buyer’s inspection. Backup offers may be accepted if the first contract does not progress.
CTG – Contingent
Contingent listings are active properties that allow backup offers. The “Continue to Show” field is required when marking the listing.
PRIV-CTG – Contingent Listing (Private)
PRIV-CTG denotes a contingent listing that permits backup offers.
CTGO – Contingent on Other Conditions
CTGO status indicates that the property is contingent on some other condition, such as trailing spouse approval. It is uncommon to see this status used.
CTGA – Contingent on Auction
CTGA status means the property is contingent on an auction. The property may continue to be shown unless specified otherwise.
FIN – Financing Contingency
If a property is under contract and has passed the attorney and inspection contingencies, the FIN code is used. The final contingency is the mortgage contingency.
HS (24,48,72) – Home Sale Contingency
HS, followed by a timeframe (24, 48, or 72), indicates that 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 another offer is received, the first buyer has either 48 or 72 hours to drop their Home Sale contingency or cancel the contract.
HC (24,48,72) – Home Closing Contingency
HC, followed by a timeframe (24, 48, or 72), means the seller has accepted an offer contingent upon the buyer closing on their accepted offer. The seller may continue to show the property and receive offers. The risk of another offer being accepted is usually low. The first buyer has either 48 or 72 hours to drop their Home Closing contingency or cancel the contract if another offer is received.
SS – Short Sale Contingency
SS status indicates that the sale is contingent on a short sale.
Understanding Property Types in Chicago
Different property types exist in Chicago, and it’s essential to know what each code represents.
DE – Detached Single Family
DE represents a single-family property that typically does not share any walls with other properties. These properties have their own real estate tax identification number (PIN). Row homes that share party walls but have individual PINs are also included in this property type.
AT – Attached Single Family
AT refers to residential properties that share at least one wall with another single-family property. These properties also have their own real estate tax identification number (PIN). Condominiums, townhomes, and cooperative apartments fall under this property type.
MU – Multi-Unit
MU signifies a property consisting of two to four units being sold as a whole. These units have the same real estate tax identification number (PIN).
VL – Vacant Land
VL represents land without any structures. The value of this type of property lies mainly in the land itself.
MF – Multi-Family
MF denotes properties with five or more units that are available for sale. Examples include 6-flats, apartment buildings, and apartment complexes.
RN – Residential Rental
RN indicates any residential property available for rent or lease.
Different Types of Listings in Chicago
It’s important to understand the different types of listings you may encounter in Chicago. Here is a brief overview, although it’s advisable to work with experienced real estate professionals.
The majority of transactions fall under the category of a traditional seller. These sellers are usually selling their own home, which they currently reside in or have recently occupied.
A relocation sale occurs when the seller is moving due to a job relocation, and their company’s relocation department manages the sale. This type of sale involves additional paperwork for both the buyer and the seller. The buyer purchases the property from the relocation company once their financing and contingency requirements are fulfilled. The seller may complete customary inspections in advance, and a Real Property Disclosure will indicate that the home has not been occupied by the owner for the past 12 months.
An investment property is one that the seller owns but does not live in. It may be a rental property or undergoing renovation. The Real Property Disclosure will state that the home has not been occupied by the owner for the past 12 months.
Bank-owned foreclosures involve properties owned by the bank. Buyers should be aware of the higher risk associated with these properties, as there is no seller disclosure. There will also be additional paperwork and potential risks regarding the status of the title work. For condominiums, banks may only be liable for up to 6 months of back assessments.
HUD sales refer to government-owned foreclosures. Buyers assume some risks and expenses, such as arranging for utilities to be turned on for inspections. HUD is exempt from many state and city regulations, including truth in housing inspection.
A short sale occurs when the seller owes more to the bank than the current value of the home. The bank must approve the sale and price, and the process in Illinois involves multiple steps. Banks have the right to decline the terms, even if the seller accepts the offer price and terms. It can take 3-6 months to receive acceptance, counter, or rejection. If there is a second mortgage or home equity line of credit, both banks must approve the sale if they will not be paid in full.
In an estate sale, the owner may be deceased or incapacitated, and the sale is directed by their representatives or family members.
Understanding Private Listings in Chicago
Private (PRIV) listings have limited required fields and are sometimes referred to as “coming soon” listings. While these listings are searchable on the MLS by brokers and can be sent to registered buyers, they are not syndicated to real estate portals. Sellers benefit from the flexibility to complete improvements, prepare marketing strategies, and price test before officially going live on the market. Registered buyers often have the opportunity to tour these properties before they are available to the general market.
Whether you’re looking to buy property in Chicago’s Gold Coast, Bucktown / Wicker Park, Lakeview, Lincoln Park, River North, or West Loop, it’s crucial to work with a knowledgeable real estate agent, lender, and title company or attorney. For a no-obligation homebuyer consultation, contact Maureen Moran at 312-953-7811 or visit Garrity Traina.