Contingent vs. Pending and other Real Estate lingo
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Contingent vs. Pending and other Real Estate lingo

Real Estate lingo can be very confusing,
especially when searching for a home online. There’s all kinds of different
terms for the different listing statuses like active versus pending, under
contract backups, and active contingent. So what does all this mean today? I’m
going to explain the different real estate codes that we use here in Arizona
and I’m going to tell you why searching on sites like Zillow and Trulia can make
the home search even more confusing and frustrating. Alright, so let’s get started. Hi I’m Amy Haslett and I’m a REALTOR
here in the Phoenix area. If you haven’t already subscribed to my channel I’d
like to invite you to do so now because I talk about fun things to do in the
Phoenix area and all things real estate and I don’t want you to miss a thing. And
also be sure to ring that bell so you find that perfect home online and you
call your Realtor to set up an appointment to see it and hopefully make
an offer only to find out it’s already under contract. What is going on? Well
here in Arizona we have several different statuses depending on where
the listing is in the process and it can be very confusing and to top that off
many third-party websites like Trulia and Zillow don’t recognize the different
statuses and that can add to the confusion. So let’s talk about those
different statuses. Starting with active status. So active status means that the
home is on the market and not under contract it’s for sale. Typically in this
case the sellers are very open to showings and you can get in and see the
home and make an offer when a home becomes active it will immediately show
up on the MLS site and any sites that get a direct feed from the MLS. For
example, most Realtors will have their page directly feeding from the MLS
third-party sites that don’t get a direct feed may take a little bit longer. So if you’re a buyer looking for a home make sure your REALTOR sets you up with
automatic email as soon as a home comes on market. Once a
home goes under contract it can go into what’s called pending status. If it’s in
pending status that means that they have a contract and that the home is in
escrow there’s many steps that are goining to have to happen though for that home to
close so there is a chance the home could fall out but when it’s in pending
status the seller usually is not taking any more showings and is not actively
marketing the home. If you’re really interested in a home that’s in pending
status talk to your Realtor and they can reach out to the listing agent and ask
if the seller will take a backup offer or show the home.
So once the home goes under contract and is an escrow there’s also a couple of
other statuses that might apply. For example, active accepting backups is a
lot like pending except for the seller is most likely still going to be taking
showings and would entertain backup offers. Another status that you might see
when an offer is under contract or pending is contingent status or CCBS, contingent accepting backup offers. This is when the current buyer has a
contingency to sell their own home. In this case a second buyer could come in
and put in an offer and if the first buyer can’t remove their contingency and
perform without selling the home then the second buyer is now going to move to
first place. So it can be real frustrating for buyers when they see a
home they really like only to find out that there’s another buyer in first
position and it gets even more frustrating sometimes when they still
want to look at the home but the seller is not open to showings. So in these
cases it’s a good idea to have your Realtor talk to the listing agent to get
a better idea of what’s going on find out if you can get in for a showing and
what is the likelihood that the other home may fall through. The next status is
closed status and that’s pretty straightforward.
If all goes well during escrow then the buyer and the seller come to a
and they close escrow and the home is now the buyers. On the other hand if
things don’t go well we might see an expired or cancelled listing and in this
case the seller currently is not listing the home and is not marketing the home
for sale but you might want to keep an eye on that because it might come back
on the market. Searching online with third-party
websites can be very inaccurate and add to the confusion and they aren’t always
up to date. So when you’re serious about looking for a home get with your
trusted real estate agent so that they can send you the most up-to-date
information that comes directly from the local MLS because you don’t want to miss
out on that perfect home. So now you know the difference between active versus
pending and other real estate status codes. Thanks for joining me today if you
have questions please put them in the comments below or contact me directly.
I’m here to help. Have a great day and I will see you next time. Bye bye. Searching
online third party websites like Trulia and Zillow zillio


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