There are many terms, lingo and slang that Realtors use which the common public does not understand. It can be confusing for a buyer to truly understand what is available and which homes are already sold. Some of this misconception is a result of the major search engines keeping properties on their sites even when they are sold!! We have received calls and inquiries from buyers excited about a home that was sold months ago... To access the most up-to-date homes go to: Search for Homes
Here are the basics you will need to know in regards to "status" terminology:
ACTIVE: This home is fully available and ready to purchase from a qualified buyer.
SUBJECT TO THIRD PARTY: This home is a short sale. The seller does not have the funds in order to sell the home at the current market price so must sell it contingent upon the Bank (3rd party) approving the loss it will take on the loan that is owed to them.
ACCEPTING BACK-UP OFFERS: The seller has already signed a primary offer but willing to take "back-up offers". Taking a back up is great for the seller BUT not the purchaser. Typically a back-up offer only strengthens the seller's negotiating with the primary offer. Forcing them to agree to more favorable terms by leveraging your back-up offer.
CNTG/NKO: (CONTINGENT/NO KICKOUT) This home has an accepted offer but is subject to some type of contingency. At this stage the buyer is the only one that can walk away from this sale.
CNTG/KO: (CONTINGENT/KICKOUT) This home has an accepted offer but has a contingency that the Seller can exercise. The seller can accept other offers and can "kick out" the current offer if a better one is received and the current buyer is unwilling to remove their contingency to purchase. This normally is a result of a buyer needing to sell another property first in order to purchase the current home.
CONTRACT: All contingencies are removed and now if settlement does not occur the buyer or seller would be in default of the offer.
WITHDRAWN: Seller has removed the home from the market and is no longer actively selling the home.
EXPIRED: Seller has not extended the Listing Agreement with the Listing Agent (Realtor) and property is no longer being actively marketed.
TEMP OFF: (Temporarily Off) This is a short term status until the property is ready to go on the market again. It was originally on as ACTIVE and will be TEMP OFF until ready to go ACTIVE.
For more questions on terminology contact The Nellis Group today to make sure you are looking for the right homes that are still ACTIVE.
If you have further questions on terminology not represented above, please contact your Nellis Group Specialist this week.