Decoding Real Estate Listing Terms

Posted on Thursday, July 13th, 2017 at 12:32pm.

Decoding Real Estate Listing Terms

Real estate jargon can be hard to understand, especially for first-time buyers. When searching for homes, you’ve probably seen its status marked as “Active," “Pending," or even “Active Contingent.” Curious to know what these terms mean? Here are some definitions of a few common statuses for Austin area homes for sale:

Active - When a listing is marked as active, it is available for sale with no outstanding offers. Any buyer can make an offer on an active listing. In some parts of Austin, it’s not uncommon to see homes stay active on the market for only a day, so move quickly when you see a home you love!

Active Contingent - This status means that a home is available for sale, but the seller has already accepted an offer with a contingency. A contingency means the buyer or seller must meet certain set terms before they can move forward with the sale. Some common contingencies are the results of a home inspection, appraisal, or financing the purchase. Buyers interested in a home marked as active contingent may still submit an offer, but understand that you will be competing against the existing offer for the home.

Pending - A home is marked as pending when the seller has accepted an offer from a buyer and the sale is under contract. A listing will be marked as pending from the day the contract is signed until the day of closing. If you’re interested in a pending listing, there may still be a chance for you to submit an offer. Talk to your REALTOR® about your options.

Pending-Taking Backups - In this situation, a seller has accepted an offer and gone under contract. However, the seller is still accepting back up offers on their home. A listing may be marked as pending-taking backups if the seller is concerned the existing deal may fall through. Work with your REALTOR® to present a competitive offer to increase your chances of securing a home in this event.

Ready to make your move in the Austin area? Start browsing homes for sale by status, location, school district, and more using our powerful search or contact us today to start working with one of our expert agents!

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