Searching Las Vegas - Henderson - North Las Vegas Homes For Sale:
When analyzing my keywords on my real estate blog on how people found me in the last month, I found this query:
It is actually a good question for home searchers that are taking a peek at IDX sites, Realtor(dot)com, Home Buyer's Scouting Report, etc to help aid in their search for AVAILABLE Las Vegas Area Homes!
1) Active-Exclusive Right: Means the home is "available". Available is relative these days with the lack of inventory (homes for sale) available in the MLS.
Just because a home appears "available" doesn't necessarily mean it doesn't have offers on the property that the seller is considering. Some asset managers for REO (Foreclosed) properties may take a while to make decisions on offers. Some Short Sale List agents also incorrectly keep the property "active" when it has many offers on it while filling the short sale contingency. This is what I call "MLS pollution" or "Background Noise".
2) Pending Offer: Pending Offer means the house is in contract and all of the contingencies have been fulfilled and it should (in theory) be set to close soon.
3) Contingent Offer: Contingent offer means the house is in contract but it has contract contingencies that need to be met during the "due diligence phase". Due diligence is a set time frame where contingencies need to be met.
Here is a sample list of typical contingencies:
-
Financing
-
Appraisal
-
Inspection(s)
-
Short Sale Approval
-
Certificate of Resale Approval (by NV Law, you have 5 days to read your HOA bylaws, ccrs, financials, etc and agree to them after receipt!)
-
Sale of a Home (this one is a little rare these days!!)
Best of luck with your Las Vegas Area home search!
Renee,
Very well said. A lot of people don't understand all of the terms we use on a daily bases. Great explanation. Have a great day!
This is good information for buyers. Helping them understand this upfront can save a lot of undue stress.
What a great post for folks looking for properties on your website in your area! I may just have to do a version for Austin! Thanks!
Kim: No they don't and sometimes we just need to slow down and ask if they have any questions!
Steve: Buyers typically ask why a home isn't showing up on HBM or their drip when they search like this on an IDX, well normally because the home is contingent or pending (these days!)
Russel: *goforit*
Good post, Renee. Too often we are wrapped up in our own industgry and forget that most everyone else is not conversant in our own professional language. Good thought to step back and start at the beginning sometimes.
Renee - This is great information for the consumer and should be a mandatory read for agents too. We have a bit of "MLS pollution" and "Background Noise" in our local MLS.
Hey Renee -- we don't have "contingent" offers as a status any longer, since (I think this is the reasoning) the whole contract is one contingent after the other (home inspection, appraisal, financing). It's just PEN (pending) now. But, for buyers who need to sell their existing home, in order to purchase (close) we have BMP. I'll let you stew on that for a little while, and see if you can figure that one out! See you . . .
Renee,
Very good explanation between pending and contingent; often many get it confused.
I had this first time buyer who was FHA and he was trying to buy an REO and when he saw where the check list said that the bank can accept offers but reserved the right to knock out anyone at any time and you have to used their title companies in some deals and they hold escrow.
Great explanation for the consumer Renee. I get this question as well. I need to blog about this as well. Thanks for the idea! I will bookmark this and write one soon!
Renee,
As a contingency, a short sale approval nowadays can be a real thorn on an offer, as has been well discussed here on AR. Life goes on, though.
Guy: It is very important to remember why we are here!
Michelle: It is annoying (the pollution,) eh?
Carla: BMP interesting!?!?! "Buying More Property?" LOL
Tom: Yes they do!
Neal: No first right of refusal?
Stephanie: Come back here and post your link when you do?
Esko: "it is what it is" (beginning to loathe that saying!)
HO HO HO . . . BMP that's a good one!
BMP is the activity status for "Bumpable Buyer" . . . The buyer(s) need to sell in order to buy. The property can still be shown to other buyers, and if another buyer wants to go for it -- they can. Of course, the Bumpable Buyer has a 72-hour right to perform (or another negotiated time). But if they can't get their funding together, they can get BUMPED out of the deal, for the other buyers better offer.
A lot of areas use this as a "Contingent" buyer. We had that too, but then they realize that ALL things in the contract are "contingent" . . . the deal is contingent on the home apprasing, or the buyers accpecting condition after the home inspection, etc.