Whether you are making the decision to list your home for sal or in the market to purchase a new home, there are some Real Estate Terms that you will see that you may not be familiar with. Let me help you understand some of the most common ones you'll encounter:
ACTIVE:
When a Homeowner decides to list their home for sale with a Realtor. The Realtor utilizes the MLS ( Multiple Listing Service ) which utilizes the IDX ( Internet Data Exchange ) that allows multiple Real Estate websites to showcase the property to 10s of 1000s of potential Buyers.
ACCEPTING BACK UP OFFERS ( ABO ):
When a Seller has accepted an offer but continues to actively market their home until contingencies from the first offer are satisfied. This is a situation that may involve a 72 Hour Contingency.
CONTINGENT:
When a Seller and Buyer have accepted an offer but they are resolving contingencies. Some common contingencies are Private Home Inspection, Buyer needs to sell their current home and Buyer needs to secure Financing.
PENDING:
When all Contingencies have been satisfactorily resolved or waived. Pending Listings are no longer considered Active and remain in the Pending Status until all the legal work has been processed.
SOLD:
Transfer of Property from Seller to Buyer.
The typical length of time from Acceptance of Offer to Sold is 30 - 45 days.