WHEN SHOULD A PROPERTY BE MOVED TO "PENDING" STATUS?

The MLS Rule states: "A listing shall be reported as "Pending" within twenty-four (24) hours of the acceptance of a purchase offer and release of all conditions and contingencies (except for mortgage and transfer of title). If an offer has been accepted and the owner requests no additional showings, the listing must be reclassified as "Pending". Pendings are to be transferred to "SOLD" status immediately after closing or reinstated promptly if the transaction fails. This means that if all contingencies have been met, and you are just waiting for the mortgage commitment and transfer of title, that you should change the property status to "pending."