What is the difference between Cancelled and Withdrawn statuses?
Most MLSs have a status for Cancelled and a status for Withdrawn.
1. "Cancelled" means the listing agreement is terminated. This ends the relationship between you and the listing agent (homecoin).
2. "Withdrawn" means that the listing contract is still in effect, but the property is not being marketed. This stops the counter for "Days on Market".
- Georgia MLS Only: This MLS would use "On Hold" as the Withdrawn status and "Withdrawn (cancelled)" as the Cancelled status.
Note that not all MLSs have these status options, but most do. To see the status options that your MLS offers, log in to homecoin.com and do the following:
1. Click "Resume Sale" on your property.
2. Click "MLS Listing"
3. In the MLS Listing change section, you will see a checkbox for "Status". Check the "Status" checkbox and a dropdown will appear with the status options that the MLS offers. When you select any status, you will see a definition next to the status.
I want to take my home off the market for repairs/updates, should I change the status to Cancelled or Withdrawn?
It depends, as there are pros and cons to both:
1. Withdrawn means that you can bring the property back on market (for most MLS') without having to pay any additional fees. The downside is that the listing may appear "old" due to the listing number. When websites display listings, they typically show the newest listings first.
2. Cancelled means that in order to have the property on the market, you need to pay the listing fee again. The upside is the the listing will appear "fresh" due to a new listing number being assigned. This is usually the best way, as it will draw attention to the changes that have been made to your home.
Most of our property flipper customers prefer to Cancel the listing and then create a new listing once repairs/updates are complete. The benefit of having the listing appear "new" or "fresh" far outweighs the small listing fee.
Also see our article on Resetting Days on Market as some MLSs have rules about how quickly you can relist a property once it has been cancelled.
How do I cancel the listing?
Please see our help article here: https://homecoin.zendesk.com/hc/en-us/articles/360001094973