For most people, buying a new home is an exciting time. Searching for your perfect house can be a lot of fun, and while the Internet gives home buyers unprecedented access to home listings, there are terms that you may come across that could potentially cause some confusion. So to help out a bit, we’ve provided a list of some of the more common terms that will appear as you browse “Active” listing statuses, not sold, expired or withdrawn, across the Myrtle Beach MLS system. All real estate agents manually update home listings as needed, and to insure the accuracy of the information, if Coastal Carolina Association of Realtors finds information to be inaccurate, a penalty fee on that agent will be assessed.
a) Active - The property is fully available and open for offers and viewings as per showing instructions.
b) Pending Contingent Contract – There is a contract on the table and both the buyer and seller are ready to commit, IF all the contingencies in the contract are met. Some examples could be if the buyer requested new carpets, or if there is an inspection pending.
c) Hold – Don’t Show – While this listing is indeed active and up for sale, there is a hold on the property at the moment. Maybe the seller is on vacation, or maybe there is construction going on in the unit. Either way, its still up for sale, but you have to wait a bit to view.
d) Pending Contingent on Financing – It means a buyer made the seller an offer to purchase their property. The seller has accepted the buyer’s offer. It is now in the ‘Pending’ status awaiting financing. This property is now off the market, pending mortgage approval. If the buyers can not qualify for a mortgage, the house will be back on the market usually in 30-60 days. Sometimes, the deal falls through due to lack of financing, so often times Realtors will continue to take back-up offers. If the loan on the current mortgage is in trouble, but still under contract, Realtors cannot take it out of pending status.
e) Pending Sale – Cash Terms - This is is a bit more of a sure thing. The buyer is paying cash, and they are just waiting to go to the closing table. Keep on scouting!
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