If you've started your home search online, you may be wondering what the status of each listing means. I've been asked this question several times this week from my new clients and wanted to share with you what each status means to help in your home search! First of all, when a listing is entered into the MLS (Multiple Listing Service) it starts as Active (A) this means the listing is now Active for sale! We have a new option available for soon to be Active listings called Coming Soon (CO) When you see this type of listing it means the property will be listed as Active within 14 days! The Coming soon status does not count days on the market and is not available to be shown until the status changes to Active.
I receive tons of calls regarding Contingent status. There are a few types of Contingent listings. The most common is Contingent No Kick out (CN) This status indicates that the seller has an accepted contract that does not require a kick out period. A buyer could submit a back up contract on the listing, however the seller can not kick out the first contract unless the first contract falls apart. Typically, the listing is no longer shown during this status. Next would be Contingent With Kickout (CW) This status indicates that the seller has an accpeted contract but it includes a kickout period. Meaning a second contract could potentially kick out the first. The kick out period would give the first buyer the option to remove the contingency and move forward with the purchase or be kicked out for the second buyer to move forward with the purchase. Lastly, There is a status called Contingent Short Sale (CSS) This status indicates the seller has an accepted contract contingent on the short sale approval. Once the short sale lien holder approves the contract the contingency would be removed and the purchaser could move forward. Short sales will be a blog of its own...
Many questions remain regarding the next status; Option (O) This status indicates the seller has an accepted contract and the buyer has an option period to have things like inspections to get through while having the option to terminate the contract by the option date. Typically the option date would be 10 days from the acceptance date.
Once the contract is removed from all contingencies the listing status will change to Pending (P). Pending listings are moving forward to the successful closing or Sold (S) Status!!! Sold my favorite four letter word!!!!
If you have any questions about buying or selling, don't hesitate to give me a call!
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