What is Coming Soon? What does UCB mean? What about CCBS?
These are questions we receive quite frequently from our clients who are both buying and selling, so we wanted to address them. The status of a property on the MLS can be confusing, but we will will break them down to help them make more sense.
If a property is not quite ready for sale, a seller and their agent may choose to utilize the “Coming Soon” status in the MLS in order to generate interest from prospective buyers. At this time, the property is available to be viewed on the MLS, but it is not shared (syndicated) with websites such as Zillow.com, Redfin.com, Realtor.com, and other home search sites. Buyers CAN request to see the property and make offers on properties in the Coming Soon status. Properties that are in the Coming Soon status will automatically be changed to Active after 30 days.
UCB (Under Contract-Backups)
If you see this status, it means that the seller has accepted an offer, but would also like to continue marketing the property to prospective buyers in hopes of receiving a back-up offer, just in case the first buyer decides to cancel the purchase contract. This status is typically used for the first 10-15 days of the contract period, during which the buyer performs their inspections and determines if the property is suitable for their needs, after which the property will receive a Pending Status. It is important to note, however, that putting a listing in UCB status does not mean the seller can simply receive a better offer and immediately cancel the current buyer’s contract. This is due to the buyer-friendly nature of the Arizona Purchase Contract.
Another important thing to note about the UCB status; consumer-facing websites such as Zillow, Redfin, and Realtor.com will not differentiate between Active and UCB, which continually leads to confusion amongst our clients as to whether or not the property is actually still available. When you search for properties for sale through consumer-facing third-party sites, the listings aren’t always clearly labeled. For example, earlier today, I chose five properties that are currently in UCB status in ARMLS®. Then, I searched three of the most popular home search websites (Realtor, Trulia, and Zillow) to see how those same five properties were labeled. Two of the three websites were still reporting all five listings as Active. The other site was reporting them as Pending. In other words, neither site was correctly reporting the properties as under contract and soliciting backup offers. This is one of the main reasons we recommend serious home shoppers utilize a Realtor with MLS Access, ensuring their time is not wasted during their search.
CCBS (Contract Contingent on Buyer Sale)
If you see this status, and you are a serious buyer, you may have a chance at making an offer that will be accepted by the seller in place of the existing offer. In many ways, CCBS is very similar to UCB. These sellers have accepted a contract to purchase their home and they’re open to accepting backup offers as well. The key difference is that when a home is CCBS we know that the sale is contingent on the buyer’s ability to sell their current home, and a contingent offer made by a buyer has what is called a “kick-out clause”.
What this means, is that if a seller receives an offer more favorable than the original offer, they have the option to request the original buyer remove their sale contingency. At this point, the buyer has 3 days to remove their sale contingency, or the seller can cancel the contract. So if you see a property that you love that is in CCBS Status, and you are prepared to make a strong offer, there is a chance. Talk to us, we can successfully help you accomplish this tricky process and purchase the home.
If a listing in Pending status has an accepted offer and is no longer being marketed for sale, and generally is no longer interested in allowing appointments to view the property. This typically occurs once the buyer has completed their inspections and negotiated their findings with the seller, and the sale is going through the final steps of escrow before closing. One of the most common struggles we know that buyers have is when they see a For Sale sign in a yard somewhere and then try to find it online – not knowing that it is already under contract. Most consumer-facing third-party sites (Realtor, Trulia, and Zillow) do not display Pending listings in their search results.
As helpful as we know some websites can be during the early stages of buying a home, the most reliable source of Active listings for sale is still a local Realtor®. If you want an easy-to-use home search service that clearly labels the status of every listing, contact us and we’ll gladly set one up for you. If you’d rather set up your own account and get started now, you can find our free home search here.