How frustrating is it, when you find a home you like on line, and then you discover it is no longer available, or back up or in pending status. And it can be on hold too.
You have done all your due diligence, met with a lender, obtained a pre-approval letter, selected which Realtor is going to represent you, and now it is time to start looking for property.
Times have changed significantly, and home buyers can begin their home search right at home or on their smart phone. Many Real Estate websites have what is called IDX – internet data exchange – which shows the listings right on that website. Newport Beach Real Estate has a home search option.
There are several different statuses that are available, and the purpose of this post is to explain the different status that you may encounter when searching for a home for sale.
Active: means the property is listed and is active. Typically, there are no offers on the property, however it preclude the fact that the property may have an offer on it, and negotiations are under way.
Back Up: properties are changed from active to back up once an offer has been accepted and escrow has been opened. The buyer typically has 17 days to remove their contingencies per the contract, however this can also be negotiated.
Pending: property is changed from back up to pending, once the contingencies have been removed.
Closed: the property has closed escrow and title has been recorded with the new buyer.
There are a few other status including hold, cancelled, expired, and withdrawn.
When I am arranging a buyer tour, I always verify the status of the property before I take a buyer to view the property.
If it is active, I still inquire if it is available as an offer may have just been accepted.
If I can answer any questions about property status, please contact me.