Hello Everyone,

We recently received a question regarding a certain status on a listing in the area so we figured that we would explain what each status means and what it means to you (the buyer and seller).

ACTIVE - Means “Buy Me” or “I’m for sale”, “please make an offer!” An active listing could be a new listing, or it could have sat on the market for 30 days or more. Or, it could be a re-list where the home was listed before at a higher price, or listed with another agent. It could have also been listed and expired. Please note: Make sure you work with an experienced agent who knows the area where you are looking.

PENDING - means the property has sold and there are no contingencies and is waiting to close escrow.

PENDING W/ RELEASE - means the buyer has agreed to purchase the home subject to selling their own home, or another contingency that allows other buyers to make an offer on the home. If the seller receives another offer, the buyers in contract usually have 72 hours to determine if they would like to move forward with the purchase and remove their contingencies, or bow out and do a release of contract.

PENDING W/ OUT RELEASE - means the buyer and seller have agreed to terms and the buyer has a set time frame to do their inspections and or get their loan approved. Other buyers cannot make an offer and push the buyer out of first position, but they may make a back up offer. Please note: If a buyer really likes a home that is Pending, they should have their agent contact the listing agent to see if they can write a back up offer. If the seller agrees, the buyer would go into first position without the home going back on the open market. The seller does have the right to renegotiate the terms and conditions unless specified in the contract.

EXPIRED - means the property did not sell within the time frame set in the listing agreement. Please note: When a home expires, it is almost always because the home was over priced. Many sellers who have had their properties expire believe it was the fault of the listing agent, not the price.

WITHDRAWN - means the property was taken off the active market (the MLS) but the listing agent still has a valid contract. Please note: Sometimes sellers decide to remodel or do some clean up and painting before re-listing their home and putting it back on the open market.

CANCELED - means the seller and listing agent have agreed to terminate their relationship.

SOLD - means that property has closed escrow and transfered ownership. This is often music to a buyer’s ears, the house this finally theirs! For more information, on the transfer of ownership read this post.

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