Withdrawn or canceled definition

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What does withdrawn or canceled mean?

Withdrawn or canceled is a term used when a seller withdraws or cancels the offer on a property. This listing status is used when a seller of a property decides to withdraw or cancel the listing before the end of the contract between him/her with the listing agent, according to Redfin.

What is the difference between a withdrawn and canceled listing status?

There is a big difference between a withdrawn listing and a canceled listing. As noted by SERENO Group, a withdrawn listing means that the property is no longer being sold on MLS; however, there is still a contract between a seller and the agent.

On the other hand, a canceled listing means that the contract between a seller and a real estate agent or a broker has been ended.

Benefits nd cons of withdrawn or canceled listing

The withdrawn or canceled listing is very important as it helps real estate agents and buyers to know how to proceed when it comes to the property in question.

A withdrawn listing means that the property is not currently being sold on MLS. This means that buyers and real estate agents cannot contact the seller agent or the seller of the property.

On the contrary, a canceled listing means that the contract between the seller and his/her agent has been canceled. In this case, buyers and real estate agents can still contact the seller about the property.

In addition, a seller can activate a withdrawn listing without paying an additional listing fee. However, the listing will appear old as the number of days on the market will accumulate, according to HomeCoin.

In order to list a canceled property back on the market, the seller must pay a listing fee. This is because the contract between the seller and the original agent was already ended. The only benefit is that the number of days on market will start counting from zero after the new listing is activated. As noted by Homecoin, this will make the property look fresh and attract many home buyers.