Content of the material
- Flexmls Improving the Documents Screen
- Is a pocket listing legal?
- Can you take your house off the market after accepting an offer?
- Common Contingent Statuses
- Contingent: Continue To Show (CCS)
- Contingent: No Show
- Contingent: With Or Without A Kick-Out Clause
- Short Sale Contingent
- Contingent Probate
- Should you Include a Bump Clause?
- Does Zillow show coming soon?
- How do I start coming soon on Zillow?
- Can I make an offer on a sale pending or under contract home?
- Contingent and Pending What You Need to Know
- What Does Contingent Mean?
- Can You Make An Offer On A Contingent Home?
- Adding a Field to a Flexmls Search
- What is an Active Offer – No Bump?
- Active Under Contract vs. Pending
- The bottom line
Flexmls Improving the Documents Screen
Jun 9, 2022
Flexmls is refreshing multiple pages as a way to improve the user experience. Today, Flexmls updated the Add Subscription screen. The page’s information and functionality are the same. On June 14, Flexmls will release an updated Documents screen.
Is a pocket listing legal?
Are pocket listings legal? Yes, pocket listings are legal. However, in 2019 real estate’s main trade association, the National Association of Realtors (NAR), took a stand against them. Their Clear Cooperation Policy states that all listings must be added to the MLS within one business day of being marketed publicly.
Can you take your house off the market after accepting an offer?
Can you back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you’re legally bound to the contract terms, and you’ll give the seller an upfront deposit called earnest money.
A bump clause allows sellers to enter into a contract with a buyer but continue to market the property. If the seller then receives a better offer, they can bump the original buyer to get them to waive their contingency or offer more.
A home is considered to be in OFFER-BUMP status when a buyer has submitted an offer to buy a property that is subject to the sale of their current property and the seller has accepted the offer. This means that both parties have committed themselves to proceed with the transaction, subject to the successful closing of the buyer’s property, and will proceed only if the buyer secures a buyer and closes on that property.
Common Contingent Statuses
There are several different subcategories of contingent statuses, each with a slightly different meaning.
Contingent: Continue To Show (CCS)
If an active listing is marked as Contingent: Continue to Show, or CCS, there may be multiple contingencies that need to be satisfied. In this case, the seller and their agent have decided to continue to show the property and may even accept a better offer from another potential buyer.
Contingent: No Show
In a Contingent: No Show scenario, the seller has decided to no longer show the property or accept other offers. This situation could happen because even though there are contingencies, the seller feels they’ll be met.
Contingent: With Or Without A Kick-Out Clause
If the contingent status has a kick-out clause, it means that there’s a deadline for the buyer to fulfill all contingencies. Without a kick-out clause, there’s no set deadline in place. In other words, the seller can take their time to meet all the contingencies listed in the buyer’s offer.
Short Sale Contingent
A short sale is when the seller (usually a bank or other mortgage lender) has indicated that they’ll accept less money than what’s owed on the mortgage. The short sale process can often take months to complete. A Short Sale Contingent status indicates that the home is no longer for sale due to an accepted offer, but the short sale is still in process.
The Contingent Probate status occurs with an estate sale due to the death of the homeowner.
Should you Include a Bump Clause?
Including a bump clause as a buyer can make sellers more willing to accept your bid. When sellers know they have a ‘way out’ or that they aren’t stuck with your contingency, they are more willing to accept the bid. Of course, you don’t want the seller to execute the cause, especially if your home is about to sell, but it does give you the edge when making a bid on a home.
The bump clause helps everyone involved in the transaction. It’s like a safety net for sellers and even a little bit for buyers too. It ensures that the home will sell one way or the other without putting the buyer’s earnest money at risk or tying the seller into a contract that may or may not compete.
Does Zillow show coming soon?
The “coming soon” listings will show up in map view as red dots on Zillow, just as for-sale listings do. However, when consumers click on them, the home details clearly label the listing as “coming soon” with a date that declares when it’s set to hit the market.
What day are most houses listed?
What’s the Best Day of the Week to List a House for Sale?
- Homes listed on Sunday were found to get slightly more online views.
- Homes listed on Friday get toured 19 percent more than homes listed on other days of the week.
- Homes listed on Friday or Thursday tend to sell for slightly closer to the original list price.
What does coming soon no show mean?
Coming Soon-No Show status indicates that the listing brokerage and the seller are preparing the property for sale before marketing in Active status. There must be a valid listing agreement between the seller and the listing brokerage.
How do I start coming soon on Zillow?
You can choose to see Coming Soon inventory when searching within a neighborhood or city on Zillow, simply by choosing “Coming Soon” in the search filters. Coming Soon properties appear on the map alongside for-sale listings.
How do I find a house before the market?
“Go to open houses in the area where you are looking, and chat up the neighbors if you see them,” says Bond. “Ask the real estate agent and neighbors about the neighborhood, and try to work in a question about if they know of other homes becoming available.”
What does coming soon in real estate mean?
A “Coming Soon” home is generally a new listing that is not yet available in MLS. The listing agent might, for example, place a coming soon sign on the property.
Can I make an offer on a sale pending or under contract home?
Let’s break it down.
Sale pending: maybe not. At this point, many seller’s agents don’t see the point in continuing to accept additional offers, but some might. It is still technically possible for the sale to fall apart.
Under contract: definitely. Unless there’s a clause preventing it in the contract, seller’s agents will continue to accept back-up offers, and even continue to show the home. This is because at this stage, the deal can easily fall through.
Either way, it’s worth a try. Until all the closing paperwork is signed and dated, the house could still be yours.
Contingent and Pending What You Need to Know
What Does Contingent Mean?
The meaning of contingent escapes many buyers and sellers. Lots of buyers and sellers will ask a real estate agent what does contingent mean. Given they see it all the time when looking at properties online, it makes sense.
In a real estate deal, contingent means that a sale will only go through if certain conditions are met. The seller has accepted an offer from a buyer, but there are conditions that either the buyer or the seller has put down as requirements for the final sale to be approved.
That means that contingent sales are still considered active – because contingencies are often not met, which leads to the deal falling apart.
If the contingencies are met, the deal will move forward into pending status. The meaning of contingent can confuse folks because it can be treated differently from one state to another.
Can You Make An Offer On A Contingent Home?
If there’s a property you’re interested in that’s listed with an active contingent status, you may still be able to make an offer. While the initial offer will take precedence if all the contingencies are satisfied, making an offer can put you at the head of the line in case the original deal falls through.
Keep in mind, you’ll need to submit an offer that is more attractive than other bids the seller could potentially receive. That means if you plan on making a contingent offer yourself, the seller could decide to go with someone who submitted a non-contingent or cash offer.
Adding a Field to a Flexmls Search
Jun 7, 2022
Flexmls Quick Search offers hundreds of fields to choose from, and sometimes what you’re looking for isn’t in the pre-determined template. Let’s review how to customize your search by adding a field. Flexmls allows you to manually add a whole category or individual…
What is an Active Offer – No Bump?
If the seller accepts an offer from you with no bump it means they can’t back out of the contract in favor of a better offer. The active offer is one the seller accepts with or without your contingencies. The seller must take the home off the market and move forward with the sale.
Active Under Contract vs. Pending
Another term you may hear is active under contract. In many MLS systems, there is what’s referred to as an active listing that is under contract. Active under contract means the same thing as contingent. The home remains “active” in the MLS even though an offer has been accepted on the property.
A real estate agent may do this early on after an offer has just been accepted. They may fear the contract is not completely solid, and there is some doubt whether the sale will stay together. By keeping the home in active under contract status vs. pending, many websites, including some of the most visited from buyers, will still show the home as being available to purchase.
The downside to doing this is consumers see homes online they think are available to purchase but aren’t. The contract with the buyer would need to fall apart for another buyer to step in and purchase,
The bottom line
Okay. To sum it up:
- Yes, there is a difference between sale pending and under contract.
- No, it may not be a huge difference, especially depending on your own regional real estate quirks.
- Yes, there’s still a chance you’ll be able to snap up a house that’s already been claimed, so to speak.
In the end, you can’t lose anything by making an offer on a home you love, so give it a shot.