Common MLS Terms You May See and What Them Mean:
NEW - New on the market. Stays in NEW status for 5 days
ACTV - Active - After 5 days, NEW becomes ACTV and is still available for showings and offers
TEMP - Temporarily off the market - Can be for many reasons
REACT - Listing Reactivated - Home back on the market
CTG - Contingent - Under contract. Stays contingent until home inspections and other contingencies including attorney approval period are completes. HS 36, 47, 72 - Home Sale Contingency - Buyer’s offer accepted subject to sale of their home. Kick out clause after 24, 48, or 72 hours FIN - Financing - All other contingencies are met. Just waiting for loan underwriting to be completed and approved.
PEND - Pending - All contingencies are met including financing. Just waiting for final walkthru and closing.
CLSD - Closed - Congratulations!
In the next chapter, we will discuss some negotiation Dos and Don'ts and how the negotiations change slightly when you also must sell a home in order to purchase the new one. (called buying contingent on the sale of your home)
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