Listing Status Terms Defined
You have been searching properties on the internet for months and now you are ready to jump in and start a serious search for your new home. The properties that fit your criteria and budget have various status notes on them that keep changing and some properties disappear from the searches all together. What does all this mean?
Most common Status
- Contingent – show
- Contingent – No show
- BOM – back on market
When a house is listed, the original status is ACTIVE. The status will remain active until the house receives offers and a contract is ratified or the house is pulled off the market.
Once a contract is ratified the status will change to one of the two most common Contingent statuses:
- Contingent – Show
- Contingent – No Show
Contingent show means that a contract was ratified but the buyers have contingencies in place and sellers and listing agent might be open to back up offers. The most common timeframe for a buyer to pull out and cancel a contract is during the inspection contingency period.
The buyers might change their mind or “get cold feet” which is no reflection on the condition of the property. The buyer’s investigations might turn up something they were not expecting and do not want to take on. Either way the transaction is vulnerable during this time frame so it’s worth it to go and see a home in the Contingent-Show status.
Contingent – No show means the house is in the same status as above but likely further along in the process or the sellers might not want anyone else touring their home during the transaction process. Agents use of the contingent – no show status will vary depending on seller needs and variables of the transaction.
Once all the buyer’s contingencies are released the status will change to Pending. This means the parties are moving towards close of escrow and the house is unlikely to come back on the market. It’s pretty much a done deal at this point.
A house went Pending immediately
Why is the house showing pending so fast? A home may also go into Pending status as soon as the house goes into contract if the sellers received a cash offer without any contingencies. In a competitive market, it’s more common for buyers to waive some or all the contingencies to make their offers more competitive. Note: there are risks involved in this so talk to your realtor before deciding if you can take these risks or not.
What does BOM mean? If at any time a property falls out of contract the sellers will typically put it back on the market and the status will say, BOM or Back on Market. The listing agent will usually add a note explaining why it fell out.
Finally, when all the contingencies have been removed, the loan is funded and buyer’s down payment funds are transferred into escrow the title company will physically go to the county recorder and record the transfer of title and the transaction is closed. At that time, the property is SOLD. On some websites, such as marinmodern.com the home will come off the website once it’s sold.
There are a few other less common status changes but with this information you can confidently navigate through the listings and find your perfect home!
Cari Gennarelli Realtor|Ecobroker email@example.com 415.602.4434 cell 415.901.6551 efax dre#01843522