So what do status remarks, such as active, contingent, etc., actually mean? <\/span>We\u2019ve talked with a real estate agent with decades of experience to break down the meaning behind these terms and how you can best use them in your homebuying process.<\/p>\n Like many industry experts have their own language to describe specific terms, so do real estate agents. Status remarks are simply terms used to describe the current situation (or status) of a listing and what\u2019s going on with the property. Is it ready for offers? Has a seller already accepted an offer? Are they looking for backup buyers? These are all things you can learn by simply looking at the listing status. When used correctly, they are there to provide information, but they also save time and resources for everyone involved with the home search.<\/p>\n However, North Carolina real estate agent Diane Honeycutt<\/a>, who has worked with 67% more single-family homes than the average agent in her area, emphasizes that not all regions will follow the same status remarks. MLS<\/a> actually contains several different databases, so it\u2019s not just one complete data bank that real estate agents everywhere use. For that reason, many agents have access to various portals, each of which might have its own unique terms. So that\u2019s why you might find some conflicting terms in different regions of the country, Honeycutt says.<\/p>\n With that said, there are several common terms that have similar use and meaning no matter where you are. Let\u2019s take a look at those and find out when exactly you might see them during your home search.<\/p>\n An active home listing means the home is on the market and ready to receive offers<\/a>. The sellers haven\u2019t accepted any bids yet, and it\u2019s available for showings and potential new buyers.<\/p>\n This means a buyer already has a contract on the property, but the seller is still accepting offers. There might be some contingencies, such as a buyer financing or inspections, on the agreement that might cause the transaction to fall through. Thus, the sellers are keeping the home active on the market and accepting offers in order to have a backup waiting nearby. Active with contract is often seen with short sales, which may have a greater chance of going awry.<\/p>\n A home listed under contract means the buyer and seller have agreed upon an offer and contract. However, the process isn\u2019t over, and some terms of the contract are still unresolved.<\/p>\n This is essentially the same as an under-contract home, and the terms are used interchangeably in some regions. A contingent property has an agreed-upon contract<\/a> between the buyer and seller, but there is at least one contingency, or stipulation, that needs to be met before moving toward closing. The contingency could be a home inspection, home appraisal, or the buyer\u2019s financing, among other reasons.<\/p>\n For example, let\u2019s say a buyer has an accepted offer on a home, but they put a home inspection contingency into the contract. The sale of the house is now dependent on receiving an inspection report that\u2019s up to their satisfaction. So that property would be listed as contingent until the home inspection and any other contract terms are settled.<\/p>\n A home is technically still in the active stage when it\u2019s contingent and can often still receive offers under certain conditions. We\u2019ll get into that more later on.<\/p>\n Sale pending, deal pending, or just plain-old pending: It all signals the same thing in real estate terms. This means a home is under contract and all contingencies have been met. Now the buyer and seller are working toward closing. If you\u2019ve ever heard someone say their home is \u201cin escrow,\u201d this is most likely the step they are referring to.<\/p>\n In our example above with the inspection contingency, the home would move into \u201cpending\u201d status when a home inspection is completed and the buyer found no issues of concern. They are now locked in the process since all terms and conditions in the contract have been met.<\/p>\n This means the home is in the pending stage, but the sellers are still showing the house and taking backup offers in case the sale is terminated. However, the seller can only accept one of those backup offers if the deal falls through on its own. They aren\u2019t allowed to drop the sale just because a better offer comes through at this stage.<\/p>\n Pending, subject to lender approval means the listing is pending, but the buyers are waiting to secure their financing. If they aren\u2019t approved for their mortgage, the sale may fall through.<\/p>\n This means a short sale is pending between a buyer and seller. A short sale<\/a> is when a seller sells the home for less than they owe on the mortgage, possibly to avoid foreclosure. In these situations, the seller\u2019s bank must approve the transaction, which could take up to several months and perhaps fall through.<\/p>\n A home listed as coming soon is precisely as it sounds. It\u2019s not yet active on the market but will be soon. According to Honeycutt, your agent can receive some information about the home, but they cannot show it yet.<\/p>\n A closed home means the property has made it through closing and is officially sold. The house is now in the hands of the new buyer.<\/p>\n Every seller has a \u201clisting agreement\u201d<\/a> with their real estate agent that includes an expiration date. If that date passes and the home hasn\u2019t been sold, the listing expires. The property is off the market at this point, but the homeowner may still be interested in selling the home with a new listing agreement or a new agent.<\/p>\n This is exactly as it sounds. A home may be taken temporarily off the market for many different reasons, including renovations, repairs, or even if the seller cannot show the property for some time.<\/p>\n If a sale falls through or if a buyer pulls out, a home may make its way back on the market. A number of factors could lead to this. For example, the buyer couldn\u2019t obtain financing, the home inspection came back with issues, or the buyer just got cold feet. It may be helpful to ask your real estate agent if they can discover why a potential sale fell through.<\/p>\n A home listed as withdrawn means it\u2019s been taken off the market. Maybe the seller realized they didn\u2019t want to sell, or perhaps they canceled the listing agreement for some reason. Either way, the home is no longer available and may not be for the foreseeable future.<\/p>\n Of all the status remarks available in the real estate world, the contingent listing might cause the most confusion. That\u2019s because there are usually a few different levels to it.<\/p>\n As we mentioned before, a contingent listing is a home with an agreed-upon contract that has some type of contingency or term that needs to be met before closing. These are written into the contract when the offer is accepted. Then, the seller or buyer has a set amount of time to resolve them. So let\u2019s take a deeper look at what those might be.<\/p>\n Now that we\u2019ve sorted that out, we should point out that not all contingent listings are the same. There may be additional terms alongside the contingency label that give a little more detail about the contract terms.<\/p>\n Note:<\/b> If you\u2019re just browsing real estate websites, you won\u2019t see these everywhere. However, they might make an appearance on your sale contract or in the MLS database, so they are good to know. Plus, they will give you more information on whether a contingent home is worth pursuing, which we will cover later.<\/p>\n Unless the contract on the home specifically prohibits it, you are allowed to submit an offer on a contingent home. But is it worth it? Honeycutt, our North Carolina real estate agent, believes there are two ways to look at that situation.<\/p>\n First, if you are extremely interested in a home already under contract or contingent, it might be smart to submit an offer and be the first person the sellers have in mind in case of any issues. That\u2019s especially true if you believe the current sale is likely to fall through or if you\u2019re seeing a lot of transactions going awry in your area, Honeycutt says.<\/p>\n \u201cSo if you really love the home and you really want it, your best way to have a chance to get it is to be that primary backup,\u201d she says.<\/p>\n However, Honeycutt cautions pursuing a contingent home might only lead to heartbreak and stress. Suppose you fall in love with a house and submit your best offer. If the current sale goes through, you might be devastated and compare all future homes to that one. Ask your agent if they can discover if a deal is solid and unlikely to be terminated for any reason. In that case, it may not be best to put your energy, resources, and valuable time into a home, especially if there are other properties you could miss.<\/p>\n In essence, Honeycutt says, it comes down to how much of an \u201cemotional ride\u201d you\u2019re willing to take on. If you don\u2019t care about any potential heartbreak, it doesn\u2019t hurt to submit an offer and become that primary backup. But if it\u2019s going to lead to more stress in an already stressful process, it might be best to hold off.<\/p>\n If you have any confusion surrounding status remarks, it\u2019s best to turn to your top buyer agent<\/a>. They will be your best resource in understanding these terms and learning how they may affect you.<\/p>\n The No. 1 way an agent can be helpful is by educating you on the exact meaning of the terms and the reality behind them. The status listings are what they are, and your agent can\u2019t change them, Honeycutt says. But they can break down not only what a listing means but also what it means in the context of your home search.<\/p>\n Plus, real estate agents can find out the truth behind many listings. They have resources to discover what contingencies are on a home or why a home sale has been pending for months. MLS listings<\/a> aren\u2019t always up to date, but your agent should be able to give you accurate information.<\/p>\n![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/08\/What-do-status-remarks-mean-666x381.png\")
<\/a>What\u2019s the deal with real estate listing terms?<\/h2>\n
14 common real estate terms to know<\/h2>\n
Active (ACT)<\/h3>\n
Active with contract (AWC)<\/h3>\n
Under contract (UC)<\/h3>\n
Contingent<\/h3>\n
Pending (PNC)<\/h3>\n
Pending, taking backups<\/h3>\n
Pending, subject to lender approval<\/h3>\n
Pending, short sale<\/h3>\n
Coming soon (CS)<\/h3>\n
Closed<\/h3>\n
Expired<\/h3>\n
Temporarily off the market (TOM)<\/h3>\n
Back on the market (BOM)<\/h3>\n
Withdrawn<\/h3>\n
![\"A](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/08\/What-do-status-remarks-mean-1-666x381.png\")
<\/a>A closer look at the contingent listing<\/h2>\n
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Can you still make an offer on a contingent home?<\/h2>\n
![\"Two](\"https:\/\/www.homelight.com\/blog\/wp-content\/uploads\/2021\/08\/What-do-status-remarks-mean-2-666x381.png\")
<\/a>Three ways your agent can help you navigate real estate listing terms<\/h2>\n
They can educate you<\/h3>\n
They can guide you<\/h3>\n