Search IDX Listings by using an Advanced Interactive Map.
by Jace Stolfo
on Tuesday, May 26th, 2009 at 4:42pm.
When searching for Idaho real estate or Boise Idaho short sales you'll see a criteria line that says "Status". Below are the definitions for the terms you may see. Please note: Agents are allowed 1 business days to make status changes. You can call or email me to find out the most up-to-date status on a particular property.
Active:The Idaho real estate listing does not have any accepted offers.
Within the "Active" status, there are a number of "contingent" sub-categories.
Please keep in mind that every transaction is different and that it depends on the specific terms of the Purchase & Sale Agreement as to the details on how "contingent" transactions are handled. With that in mind, please remember these are generalities only and may or may not apply to a specific property.
The common thing among these "Contingent" status homes is they have what is commonly called the "right to continue to market" after an offer has been accepted. Please note: unless that provision is specifically included in the Purchase & Sale Agreement, the home is marked "Pending" as opposed to “Contingent". The "right to continue to market" provision may or may not include a "Bump Clause" and may or may not only allow "Back-Up" offers.
A "Bump Clause" typically means that if the seller receives another offer, the first position buyer has X number of hours to remove their contingency and move forward with the sale. If they do not remove their contingency, the seller can proceed to selling the home to the new buyer.
A "Back-Up Offer" is just that. It's a position jr. to the 1st position Buyer and only if that 1st position transaction fails does the back-up offer move up.
- Contingent short sale: This status means the seller has at least one offer on the property and they are waiting for lien holder approval (which generally takes several months). When a short sale is in this "contingent short sale" status the homeowner will typically only consider back-up offers. So, only if the buyer in first position walks would another offer be presented to the lender. Generally, if pursuing a short sale, it is better to find an "active" short sale. You can read more about short sales here. Many of the short sales already have offers. Please contact me for an up-to-date and current list of available short sales.
- Contingent Sale: An offer has been accepted that is contingent on the sale of the buyer's property and seller retains "right to continue to market."
- Contingent Finance: There's an offer on the property that's contingent on buyer financing and seller retains "right to continue to market."
- Contingent Other: There's at least one offer on the property with a Buyer Contingency other than a home Sale or Finance and seller retains "right to continue to market."
- Contingent Multiple: The seller has an accepted offer and has at least one back-up offer and seller retains "right to continue to market."
Pending: When a property receives an accepted offer, the listing is changed to "pending" unless the seller retains the "right to continue to market".
Cancelled: The Idaho real estate listing was terminated by agent and seller. Sometimes listings are canceled and re-listed to try and refresh "day's on market."
Withdrawn: The Idaho real estate listing was taken off the MLS.
Expired: The listing expiration date passed without being extended. Please be aware there may be alternative reasons for a particular Idaho real estate status. Please contact me with any questions. Search Idaho Real Estate now.
Disclaimer: Information not guaranteed.