New SSP Status is Now Live
Categories: RMLS News
The new status–Short Sale Pending– is now live. It is considered one of the “Active” statuses, like Bumpable (BMP). This simplifies the status changes for short sales. When the seller accepts an offer, the status will change to SSP. When the third party accepts that offer, the status will change to PEN. SSP will be available on RMLS.com, Realtor.com, IDX and other data feeds.
Any short sale active listings with an offer have automatically been changed to SSP.
We encourage subscribers to resave any searches that include the old “Short Sale Offer Y/N” field to ensure accurate results are returned.
To see the new rules, view the Rules and Regulations document. Contact the Rules and Regulations Department for further information at rules@rmls.com.
If you have any questions about the new SSP status please contact our Help Desk at 503-872-8002 or helpdesk@rmls.com.
This is excellent news and will assist in more successful short sales as the law firm I work with which has about 130 short sales under management stated about 40% of successful sales are from back up offers.