This post was on the back burner, waiting for a day when I had nothing to write. But, my good friend Colleen Fischesser, REALTOR extraordinaire of Maple Valley, WA asked me today about the different listings statuses in my market compared to hers. So, Colleen, this is for you :)
A lot of time and effort goes into the analysis of the West Bank real estate market each month. But, if you are not a real estate geek (like me) or have lived in another part of the country where the terms used are different, then some of it may seem like Greek to you.
Here is a quick and easy primer on the different real estate listing statuses used in each months West Bank market reports:
Active - currently listed for sale in the MLS (multiple listing service - a central database of all property in an area listed by real estate professionals)
Pending - an offer has been accepted on the property, but the seller is continuing to allow potential buyers to view the property - usually in hopes of getting a back up offer. Typically, this status means that inspections and the appraisal have not been completed yet. In some cases, sellers are not 100% warm and fuzzy that the contract will make it to closing and want to hedge their bets a bit by continuing to show the property up until they receive a clear to close from the buyers mortgage company. A special note to sellers: When there is a large number of homes for sale (like now) most agents will not show a property that is in a pending status to avoid disappointing their buyers.
Open Predication - an offer has been accepted on the property, but the buyers are still trying to sell their existing home. Usually a predicated offer has terms that give the buyers a specific amount of time to sell their home or to remove the predication if another acceptable offer comes in. During this time, the sellers will allow showings to other qualified buyers.
Under contract - an offer has been accepted on the property and the seller is not allowing showings. Things happen though, so if the house you've had your eye on is "under contract", ask your agent to keep you updated in case it comes back on the market.
Closed - the sale has been completed and the property has been transferred to the new owners.
Not so hard, right? Stay tuned for the next real estate lingo lesson, coming soon to a West Bank real estate blog near you!
Copyright 2008. Lisa Heindel and West Bank Living. All rights reserved.
Lisa, Some of the terms I am familiar with but many I wasn't---so Thank You! I try to get through some market reports but sometimes they are difficult to figure out...now I've got my primer :) You're bookmarked!!
You are the ONE to call for everything real estate in West Bank! You know I love ya, girlfriend! GBU~
Lisa, great idea for a post. The terms are different in every state and can be confusing to buyers and sellers.
Thanks Lisa. The terms are different in each locale. I had never heard of "Open Predication". That's a big term for contingency, I guess? ~Pat, formerly of Biloxi but now in Jackson, MS
Thanks Lisa! I think it's so interesting how the vernacular can be so different. I have great admiration for agents who have changed markets and have to "re-learn" all the cusoms and lingo of their new market.
Carole, bookmarked? Yay! I'm so glad you found this useful :)
Elizabeth, thank you and right back atcha!
Judi, as I get more and more contacts from out of state buyers, I realized that they were used to different terminology in their home states. With all of the words I've seen used to describe the same status in other states, I know think that everyone should have a quick explanation on their site.
Pat, we don't use "contingency" here - but I think they are similar - seller is willing to wait on buyer's house to sell, but can entertain other offers in the meantime as long as they give the buyer a chance to remove the predication (contingency). p.s. Did you ever live in NOLA? I worked with a girl names Pat Starnes a hundred million years ago at Hibernia Bank.
Colleen, it was just funny that you asked me that question and I already had this written!! And you are so right about agents that change markets - I would have a whole new language to learn if I left Louisiana.
Lisa, it has been added to "my very long list" of things to do. :)
Hi Lisa,
This is a great idea, we tend to forget that these terms are not familiar to everyone.
Cynthia, since I've been working with more out of state buyers, I'be had to explain these terms more than once - if they want to know, then I figure everyone can use the same information! Thanks for stopping in :)
Hi Lisa...Interesting to see how the terminology differs in some respects from one region to another.
Kate
Hi Kate! Interesting and amazing to me - you would think we would all be on the same page!