If you’re on the home search circuit and online looking, you’ll come across some terms you might not quite understand. Here’s a little shortlist of terms to help explain what these terms mean. These statuses are only as good as the agent who has updated them, so just because it says a property is available, doesn’t necessarily mean they don’t have an offer in hand or a counter offer out.
This property is on the market and entertaining offers.
Active Rel. Clause:
The Seller has accepted a contingent offer – the current Buyer usually has a home that has to sell. A time frame is usually associated with this with a contingency for removal. It simply says that if another Buyer comes along that doesn’t have a contingency the first Buyer has 72 hours or whatever agreed time frame to get a loan without selling their home (which may be stretching it). if they are unable to perform, their escrow is cancelled and Buyer #2 offer is accepted. This can also mean the Buyer is backing out and awaiting cancellation of contract.
Active Short Sale:
A short sale is when the Seller owes the lender more than what the selling price is. The lender is in agreement to accept less that the amount owed. The bank must agree to and approve the amount offered. Short sales are long sales in that they can take much longer than a traditional sale.
Active Short Contingent:
On a short sale, a Seller has received an offer from a Buyer, but the bank needs to approve it. Back up offers can be received.
Active Court Approval:
This property is likely part of a trust or estate, but may be part of a divorce where court approval ensures the sale of the property is for a fair price. This can take additional time because it take approval.
Active Court Contingent:
The property has an offer being reviewed by the court.
Temporary Off Market:
Home is off market usually due to some pending repairs or timing issues.
An offer has been accepted and the home is in escrow. The status would not change until escrow closes.
Pending Short Approval:
This is a short sale that is awaiting loan approval. No more offers accepted, likely to go through, just awaiting loan approval.
Pending Bring Back Up:
An offer has been accepted and the home is in escrow; however, Seller is accepting a back up offer in the event the first offer falls through for whatever reason. As a listing agent, I always put properties as Pending Bring Back Up in case the first Buyer falls through, we don’t have to waste time in acquiring another back up Buyer.
This property is sold and is not available.
Hopefully this helps describe the statuses you see out there in house hunting land! If you have any questions, feel free to reach out!