A listing should have its status changed to ‘Contingent’ when a buyer and seller have both signed a purchase agreement / contract. The contract is between the seller and the buyer, but is contingent on the lenders approval, just as other contracts may be contingent on the sale of another property or inspections.
Contingent listings are still fair game to show and submit back up offers. This is why updating status changes are required to be done within two (2) business days, according to the RMLS Rules and Regulations
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