What Do The Real Estate Status Codes and Listing Terms Mean?

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Every industry has its own set of jargon, and trying to figure out what the real estate status codes and listing terms mean can leave you scratching your head. People who are new to the home buying market often get frustrated when they read listings that don’t make sense, or you might have even gotten excited about a property when you didn’t know what being under contract meant. To help clear up the confusion, here are the most common phrases you’ll see in the real estate market along with what they mean.

Take Advantage of an Active Property

Seeing that a property is active gives you the go-ahead to make an offer. This status simply means that the house is currently on the market and actively for sale. Keep in mind that there might already be offers on the house at this point, but the sellers aren’t bound by a contract to honor any of them quite yet. Jumping on this opportunity fast is your best bet when you are looking for homes for sale in Lakeland, FL.

Let Go of One That Is Closed

You’ll occasionally come across a property with a closed status, and you can picture this like someone just ripped the For Sale sign out of the yard. This property is one that has already been sold, and it is essentially taken off the market.

Keep An Eye On Houses That Are Under Contract

When a seller accepts a contract from a buyer, the house achieves this status. In most cases, this means that the house is on its way to achieving a closed status, but this doesn’t always mean it is a done deal. Things can sometimes change with the contract agreement. If the house falls out of escrow, then it goes back on the market.

Pay Closer Attention to a Contingent Status

This means that the seller has accepted the contract, but there are also specific criteria that must be met for the deal to go through. For example, the buyer may require inspections or repairs to be completed before they’ll do the final sign-off. Occasionally, sellers will still be showing their home while it is under contingency status, and they might be open to accepting backup offers that could give you an edge if the contract falls through.

Make an Offer on Pending and Showing for Backup Homes

This listing term spells out exactly what is happening with the house. At this point, the seller has accepted a contract and met the contingencies. This is the moment when the house is in escrow, but the deal isn’t officially completed yet. For some reason, the seller might have concerns about whether they’ll close the deal, and they’re accepting backup bids.

Check Into Temporarily Off the Market Statuses

Finding this term in a listing status might leave you wondering what happened. The truth is that it could be many things, but this often comes down to a seller needing to make repairs or being unable to show the home. In most cases, it’ll be put back onto the market soon enough. Asking about it could give you an estimate on when it should be so that you can be first in line.

You’ll quickly discover that most of these terms pop up frequently as you begin to read more home listings. Your agent can help you understand any ones that you can’t figure out, and you’ll definitely need to be up-to-date on the jargon by the time you sign your contract. Now, all you have to do is use your newfound knowledge to start checking out listings to find a property in your desired neighborhood.