Have you ever fallen in love with a home you found online only to be told by your agent that is under contract? The excitement you had about thinking this might be “the one” may quickly turn to confusion. Our cheat sheet of listing statuses will give you a better understanding of some common real estate lingo.
Active: When a property is listed for sale. If you think this could be “the one”, contact your agent to schedule a showing!
Reduced: When there is a price change on a property that has been for sale. Sometimes a property can be priced too high out of gate, so with a price reduction it can bring more interest to the property.
Under Contract: When the seller of an active property accepts an offer and the contract is ratified by both parties. Check with your agent to see if there are any contingencies (see below).
Contingent: When a contract has been ratified by both buyers and sellers for the property, but there are contingencies/provisions in the contract that are to be completed before the contract is no longer voidable. Some common contingencies include buyer obtaining financing, home inspection, appraisal of the property, or the buyer selling their current home. Depending on the contingencies and the seller’s preference, the property may still be available to be shown with a kick-out clause in the contract or accepting back-up offers. Talk with your agent to determine the best game plan if you find a home you love that already is under contract.
Pending: When the seller of a property has accepted a contract, but the transaction has not closed yet. Everyone is just waiting on the clear to close because there are no unsatisfied contingencies.
Back on the Market (BOM): When a property that was recently removed from the market is placed back for sale. This could be due to a contract with contingencies not closing, the property being removed temporarily due to seller’s request, or the seller’s listing agreement had recently expired. Call your agent to schedule a showing if a BOM property is “the one” that got away too quickly.
Expired: When the date stated in the listing agreement signed by the sellers has passed. Most commonly, sellers sign a 6 or 12 month agreement with their agent to market their property and have it active in the MLS. After that date passes, the property will show expired unless extended or brought back on the market.
Withdrawn: When a property has been removed from the market, and is no longer active. This could be because of seller’s request to wait until a later time to sell the property or a change to not sell the property at all.
Closed: When all the paperwork is signed and the property is sold! The property is no longer available for sale.
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