Published March 26, 2019
Understanding Triangle Real Estate Statuses
Understanding Triangle Real Estate Statuses
Searching homes on line can be a fun but confusing process. Some public sites might show a home on the market where another may show it as sold. Not all websites are as quick to update as the local MLS (Multiple Listing Service) with which realtors rely on. You may find a home and it be “contingent” on one site and that same home show “pending” on another. What do all of these statuses mean? There are 4 main labels you may find when looking for a home……..
1 - ACTIVE - The home is on the market and available for viewing. The home owner has not accepted or come to terms on an offer and is open to receiving an offer from a prospective buyer.
2 - CONTINGENT - The home has received an offer and the seller has come to terms with a buyer on the home. Both parties have fully executed the offer to purchase and they are now under a binding contract. The contingent status is often used in the early parts of the buying process (the first few weeks) during the Due Diligence period while inspections and investigations are ongoing.
3 - PENDING - The home is under contract and moving forward toward closing. Pending is more often used later in the “under contract” period after all inspections and appraisals are complete. Pending is typically a more definite status used when all “hurdles” are in the rear view mirror and only closing day is ahead.
***There is no set rule for Contingent and Pending to be used and it is up to the listing agent to use which status they prefer once under contract. Both can be used to show the home is under contract and may remain in that one status throughout the transaction from beginning to end.
4 - CLOSED - The home has sold. The contract came to full term and the buyer has provided adequate funding at the closing table. The seller has signed over the deed to the property and the home has changed ownership. The home is no longer available nor on the market.
The Triangle market is ever changing and fast moving. These status changes happen over night and the fastest way to know what is going on is to have an experienced agent working for you to monitor the local market. If you are in search of a home and want to be kept up to speed on all that is going on, please give us a call today. The Kima Real Estate Group would love to speak to you about what sets us apart and how we can earn an opportunity to be your local Raleigh area real estate team. Give us a call today (919-300-5421).
