There are so many terms to understand in the real estate market industry. I plan to help you understand many in several fashions to give even more clarity.
Active means the property is active and open to viewing and receiving all reasonable offers.
Active With Contract means that home has an actual contract accepted, however accepting backup offers just in case the actual contract falls through for any reason on buyer behalf.
Pending means home has a contract and going through the financing, inspection period and appraisal process for buyer and seller to close meeting all lender requirements. This also can mean a cash buyer.
Contingent means seller has accepted offer in writing and waiting for all contingencies to be met by the buyers lender for approval to close with title company.
Expired means that the home listed has expired for the period of time owner has listing agreement with brokerage.
TOM Temporarily off Market means a scenario of reasons for example, any type of repairs, don't want to show during holidays etc.
Withdrawn means home has been withdrawn for various reasons such as not receiving offers as expected, not happy with realtor or even changed their mind and do not want to sell their home anymore.
Clear to close means all contingencies or open items has been closed and both parties are ready to close transaction on a given date agreed by the buyer and seller with title company for new buyer to receive keys to property.
Leased means home has been leased.
Price increase means priced has increased.
Price decreased means price has decreased.
Sold means home has sold.
Residential means residential homes in neighborhoods
Commercial means commercial properties whether land or buildings
Real estate terms are easily understood when you are in the daily business.
Any questions you may have, please feel free to call me today at any time at 407 479-8583. Facebook Kevin Sells Florida and Kevin Selling Florida. Of Course there are many more. Get to know me more and visit www.kevinstrawtersellsflorida.com