Realtors use a lot of acronyms and lingo that may not make sense to the rest of the world. While you’re searching for a home via the internet you are bound to see some Realtor lingo that probably looks a bit confusing. I get this question all the time: “Hey, what does ‘Active Option’ mean? Let me give you a little insight on the different statuses that you may see while searching for a home to buy or sell.
So what does it all mean to you?
This property is listed with a Realtor that does not have an accepted contract. This does not mean that there could not be any offers on the table; it just means that the seller has not accepted an offer.
There is an accepted contract on this home however the buyer’s Realtor has a negotiated an amount of time that the buyer has the unrestricted right to walk away from the contract FOR ANY REASON and still receive their earnest money deposit. However, the fee that was paid for the unrestricted right to walk away, also known as the option fee, is given to the seller as settlement for the time off the market, should the buyer decided to walk away from the contract during the option period. The number of days that the parties agree to will vary from contract to contract and the amount of money that the buyer will pay for this right will vary as well. The buyer will typically have property inspections done during this time and negotiate repairs. This property may become available again for purchase, so if you like we will keep an eye on it and even call the agent to let them know we have some interest.
This means that the seller has accepted an offer on the property but certain things must happen for the buyer to be able to close on the property. Buyers who submit contingent offers typically need to secure financing or they may need to sell an existing property. The reason for a contingent contract will vary from contract to contract.
You will see this status once the seller has an accepted offer and the option period is no longer in effect. All parties involved are waiting for the closing documents to be prepared and signed. Most real estate websites will no longer advertise properties once they are placed into a Pending status. Properties in pending status are no longer allowed to be shown by Realtors unless granted special permission by the owners.
This home has closed and is no longer available for sale.
Temporarily off the Market (TOM):
We see this status from time to time and it typically has something to do with a sudden unforeseen circumstance but the seller would still like to sell the property. The listing agents contract to list the home is still in effect however they must stop marketing efforts until the time that the seller instructs their agent to actively market the home again or the listing agreement expires.
The home has been taken off the market. This happens most often when the seller has changed their mind decided not to sell the home and terminated the listing agreement with their listing agent.
Also a status for a home that is no longer available for sale. The seller may withdraw a property from the market because they intend to try a new marketing strategy. The reason will vary from seller to seller however the result is still the same. The property is no longer available.
The general public often times will not see this as an advertised status. Basically this means that the listing agreement that the sellers signed with their listing agent has expired and the home is off the market until the seller decides to put it back on the market.
When you work with The MAC Home Team as your real estate advisors, you can be sure that your home will turn from Active to Pending to Sold in the shortest amount of time!