So im sitting here training a agent on completing bpos... and he asks me


why dont you include pending or back up listings in your search...

as i think about it, my initial instinct is no...but then i think about it....and i dont know...lol

but i realize that i have never included them...are we suppose to?

I'd use a pending (as an active) if it fit the criteria. In fact, I usually search sold, pending and active for most orders.

Look at it this way, if it's pending, it certainly can't be used as a sold. And look at it another way, not all pendings actually close.

I always use Pending or Contingent Listings as Current.

As a matter of fact, I think they are the "best" Currents.

If they reflect the same characteristics as the Subject, then they can represent a true "Price Point" for where the action is on that commodity . . . . and far better than some of those nasty old stagnant Currents which are overpriced and have been sitting on the market for an eternity.

Pending and Contingent Listings, by definition, show evidence that at least someone has taken an interest in this item, and they did so while it was priced at this level.

So, while the Pending Property might Close or BOM out the very next day; it has still served its purpose for my Analysis. Actually, not including them would deny the Client "real time" information on where market activity is truly located at the moment the Report is being prepared.

That's my "current" thought on the matter.

I just learned something.

While some BPO companies state listing comps can be pending comps, I will usually just comment about a pending if it a close to perfect comp but not use it as a current listing.

I will start using pending comps.

I never understood why people are unsure about using pending actives as comparables. Why wouldn't you use them? Like Vermont said, they are actives that someone wanted to view and subsequently put under contract. What am I missing here?

Thats the way I have always done it.

I feel similar to Vermont, but not as strongly perhaps because of possible differences in what is required and not required through our MLS platforms.

Many pendings have been pending for a long time, are possible short sales, owner financing, wrap around owner financing, and the list goes on.

I look at the listing history, noticed certain things from specific brokers (wouldn't want to be them), and go from there.

Probably 1 out of every 4-5 actives are pending in my reports.

Their importance in my eyes just depends on so many other factors, DOM, price history, area, broker, listing history, other available comps, etc.

So - I use them - they can be a great source under the right condition, but unless you know the details you shouldn't hitch your horse to them.

We have always used them and put it in the comments for REO BPOs and have never had an issue.

well ill be damned...

no wonder im not a top agent with ALL my companies yet

seemed logical to me, but ive somehow overlooked this over the past ...gulp....years...

When I first strted doing BPOs 7 years ago I never used them because I didn't know I could. Started using them 3 years ago and never looked back. I have never had an issue using a pending comp and have been encouraged to use them by some companies.

OK Moneymike, report back regularly to give us your agent status.
Be sure to name all the companies too.

I always use both pending and contingent if no regular actives are available- which is usually the case.

I agreed with you, I never used them until one day I didn't have the availables comps that fit the subject. I called my AM and his answer was "Those are the best comps you can use" since then, I always try to pick one on each category ( of course if they met the subject's criteria).

It's nice to have a quiet non-controversial topic once in a while.

I thought someone might be offended by the "nasty, old, or stagnant" comment!

What is 'each category'. I wondering what I am missing now - how many categories are there on a BPO where you can put a Pending?

I am also eager, willing and able to learn - especially if it makes me better or faster

There you go Vermont - I looked at this and wondered - but your post made me post to find out the answer to this burning question.