When searching home sites (mine is guilty of this to) there are a lot of different categories a home can be listed in. Sold, Active, Pending being the most obvious. But there are a couple that seem to mislead potential buyers. I will briefly define each category so that any future searches will be made easier to one and all.
Active- Just that, this is an active seller (i.e. not a bank) and it is currently on the market.
Active Short Sale- Here is our Short Sales
Pending- This is currently in negotiation and will most likely be sold.
Sold- Property is with its new owner.
–Okay those are the easy ones here comes the fun ones–
Active Short Cont. or Active Short Contingent- This Short Sale currently has an offer being reviewed by the bank. Here the seller can still receive back up offers if they wish.
Active Rel. Clause- This one is pending, however the buyers are backing out and the listing agent is just waiting for the Release Clause to be signed (in short soon to be on the market).
Active Court Approval- This listing will need court approval, usually seen with Probate or trust sales.
Active Court Contingent- The listing currently has an approved offer being reviewed by the court.
Pending Short Lapproval (loan approval): This is in the final steps of a Short Sale, the bank is okay with price they are just waiting on the buyers load to process. No additional offers will be accepted here.
Pending Bring Backup: Signed deal is accepted however the contingencies have not been removed and the seller is still taking back up offers.
Expired: The listing timeline for this property has expired. It may or may not come back on the market.
Withdrawn/Canc. (cancelled): The listing has been pulled from the market, usually the seller has changed their mind about selling.
That’s the lot! Hopefully this list can help you simplify your search and make your home buying experience a bit more efficient. As always if you have any comments or questions please feel free to leave them below or send me a private message.
The National trend of REO sales declining is mirrored locally in the Sacramento market. Is this the beginning of a trend for 2013?
As my inaugural post I feel that I should start things on a positive note and hopefully this trend will continue. Sacramento homeowners rank in the top 30 cities of paid and clear mortgages. Bravo!