Tuesday, June 23, 2015

Listing Statuses

When looking at real estate there are a lot of terms that can be confusing. Today I want to give you a short definition of what each of these listing statuses mean.

Listing Statuses

An active listing is a property that is currently listed for sale. 

Active T/C:
This is a listing where the seller has accepted an offer which includes a condition that must be met prior to moving forward with the purchase.  It may be that the buyer needs to sell an existing home, is waiting for a tax return, or a number of other things.  The seller has accepted the offer with a time clause, meaning the home will stay active on the market. If the seller receives another offer then the current offer will have a certain amount of time, as per the agreement, to remove the condition. Once that time has passed, if the condition is not removed, the offer will be void and the seller may accept the next offer.

Under Contract:
A property that is under contract is a property that has a contract with a buyer. If everything goes as planned this property will be sold.

Withdrawn, Off Market and Expired:
Each of these has the same result which is that the property is no longer actively for sell.  The only difference is the manner in which the seller got to that result; either by asking the broker to withdraw the listing, asking to take if off the market, or letting the listing expire.

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