What does it mean by Short Sale Contingent? Understanding the MLS Listing Status
What does it mean by Short Sale Contingent? Understanding The MLS Listing Status will help you know the availability of the home/homes you are interested in. Our Metrolist MLS Rules show a much broader breakdown of the listing statuses but for simplicity here, I am going to stick to what you may see when you are viewing a listing I have emailed you or perhaps one you have found while searching properties on my website.
*Active - These are homes that are either Regular (Non-Short Sale/ Non-REO) or REO (Foreclosure or Bank-owned) and are available until they have an offer accepted by both the buyer and the seller. Keep in mind that REO acceptance on an offer can take a couple weeks in some instances so even though the status shows active; it is no longer available because the bank has given a preliminary acceptance either by voice mail or email and the listing agent is just waiting for the contract to be signed by the bank.
*Active Release Clause - A listing with this status had been pending and the listing agent has been notified the buyer is backing out but is waiting for a signed release by both parties for the listing to go back to Active status.
* Active Short Sale - A short sale by MLS definition is one which, if sold at list price would not generate enough revenue to pay off all existing mortgages and expenses of sale and require an agreement by the lenders carrying the mortgages to accept less than the full amount. (If the seller will deposit the funds necessary to make up the shortage, it does not need to go through the short sale process and would be listed as an active sale.)
*Active Court Approval - This is a listing that needs court approval in such cases as probate or trust sales. It is very seldom seen.
*Active Court Contingent - This listing has an offer and is awaiting Court Approval.
* Pending - These listings have an agreed upon contract, fully executed (signed by both parties) and it is now in the escrow stage of the sale.
*Pending Bring Backups - These listings have a signed contract as above but until all contingencies have been removed many agents will accept back up offers in case the buyer backs out of the deal.
* Short Sale Cont. (Contingent) - An MLS listing with this status is one where there is an accepted offer between the buyer and the seller which has been sent to the bank for approval. At this point, the seller may choose to accept back-up offers or not depending on how the bank holding the first mortgage processes their short sales.
* Sold - These listings have gone through the escrow process and a new owner is recorded on title.
*Expired - A listing with this status has gone beyond the listing agreement expiration date. It may or may not come back on the market but is no longer available under the current listing.
* Withdrawn - A withdrawn listing has been pulled from the MLS by the listing agent and is no longer available under that listing. The seller could have changed their mind about selling or in the case of a short sale, the property could have gone into foreclosure.
Understanding the MLS status of properties will help you understand which properties we are able to see ..... or not see! Find lots more Buyer information on my website.
I am a REALTOR® in El Dorado Hills with Lyon Real Estate.Though living in El Dorado Hills is my passion, I am happy to help you with your real estate needs throughout the Sacramento Valley. For more information on me or our wonderful area visit my website at www.DeeDeeRiley.comor email me at email@example.com.
Please keep in mind -the views expressed herein are my personal views and do not necessarily reflect the views of Lyon Real Estate.
By DeeDee Riley 2011 *All Rights Reserved*What Does It Mean by Short Sale Contingent? Understanding the MLS Listing Status
DeeDee Riley - El Dorado Hills Realtor - Lyon Real Estate - CABRE#01499004
When you're ready to sell or buy a home; I would love to help! To read what my clients have to say about me and my service, visit my Client Testimonial page.