Alphabet Soup of Real Estate

Alphabet Soup of Real Estate

Consumer access delivered through the Internet has allowed us all to search for just about anything we want. We search for the information so we can be informed consumers so when the time is right to make a purchase. It gives us a feeling of security and helps us retain a bit of control. Often times there is industry jargon and abbreviations that we may not understand. Here are some of the most common ones seen on Real Estate websites you should know as a consumer.

A (active):

This property is “active” and available for showings. Often times showings must be scheduled in advance due to unusual circumstances of the owner/occupant. Some common reasons for advance scheduling are young children, pets, tenants or an owner who just wants a couple hours notice to tidy up.

AC (active/contingent):

This property has a fully negotiated “binding contract” in place with a clause that specifies a contingency that allows for cancellation. The most common contingency is that the prospective buyer must sell another property in order to be able to proceed. The home is available for showings under the specified guidelines. The owners may negotiate a second contract at which time the first contract must remove their contingency clause or terminate their contract freeing the owner to proceed with the new contract.

P (pending):

The property has a fully negotiated contract in place. In most cases the buyer has completed all due diligence and no further negotiations are being done. This property is NOT available for showings.

PB (pending taking back up offers):

The property has a “binding contract” but is likely still open to be negotiated per the terms of the contract. The prospective buyer still has options for cancellation during their “option period.” The home is available for showings within the guidelines and a “back up” contract can be negotiated. This “back up” contract is first in line if the original contract terminates.

S (sold):

The property has been sold and is no longer available. The best part of the Internet is that we can get information out to the public. The bad news of the Internet is that once the information is out there it stays out there. There is no way to remove most links even though the property is no longer available.

W (withdrawn):

The owners have removed the property from the market and it is no longer available to show.

X (expired):

The property is no longer available as listed. The listing agreement has reached it’s expiration date and has automatically terminated. Often times these homes will come back on the market in a few days or weeks.

I hope this helps consumers better understand the jargon of real estate web postings. If you are interested in more details or assistance with buying or selling real estate in centralTexas contact me directly. I will respond quickly. Call ~ Text ~ Email

Bill Austin ~ Team Price Real Estate Partner ~ Serving Austin & Surrounding Counties

512-709-6343 ~ bill@teamprice.com

The real estate representation you need, delivered.

CARE ~ COMMUNICATION ~ EXPERIENCE

7320 N. Mo-Pac , Suite 305 ~ Austin, TX ~ D. Price Broker