Property Status - DefinitionsPosted by Jason Brock Lewis on Wednesday, May 2nd, 2012 at 3:05pm.
The seller is soliciting offers through the MLS. No offers have been accepted. This applies to traditional sales, as well as bank owned properties.
Active Short Sale:
A listing that if sold at list price, would not generate enough revenue to pay off all existing mortgages and expenses from the sale.
Requires an agreement from the lender carrying the note to accept less than what was originally owed.
Active Short Sale Contingent:
The seller has accepted an offer from a qualified buyer; this offer has been sent to the bank for approval. The seller has the option of choosing back up offers.
Seller has an accepted an offer from a buyer with a fully executed contract agreed upon by both parties. Property is in escrow, awaiting the close of the sale.
Pending Bring Back Up:
This can happen for a number of reasons, but some agents indicate this status until buyer has released all contingencies. This is just in case the current buyer backs out of the contract.
Active Release Clause:
The listing was in a pending status, and the agent has been notified that the buyer is backing out of the contract. The listing agent is waiting for a release signed by both parties until the property can go back into active status.
Active Court Approval:
Usually for cases in probate or trust sales, requires approval by a court of law.
Active Court Contingent:
The listing has a buyer in place and is waiting for court approval.
The listing has reached the agreed upon expiration date. The property is no longer available under the current listing.
The seller has decided to take the property off of the market for an undisclosed reason.
The escrow process has been completed; the seller has transferred title to the new buyer.
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