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It Means this in New York...

By
Real Estate Broker/Owner

 

If you are a first time buyer or moving to Westchester County from another part of the country you may receive listings from a Realtor©  Real Estate terms mean different things all across the country so you can't assume that if you bought real estate in let's say Florida or Arizona that when it says "pending" on the listing that it means the same thing as up here.  There are also differences within the metropolitan area so the following just applies to Westchester County.

ACTIVE - these are properties that are active on the Westchester Putnam Multiple Listing Service.  Properties stay active until a contract is actually signed.  A property with an accepted offer will still show as active and you may or may not be able to still view it - up to the seller.

CONDITIONAL CONTRACT - the status will change from active to conditional contract when both the buyer and the seller have signed the contract.  There might be contingencies such as a mortgage contingency in the contract which is why it is called a conditional contract.

PENDING -  the status will change when all of the contingencies in the contract have been met, the mortgage committment obtained and everything is done.

SOLD - the status will change to sold when the title passes and the property changes ownership.

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New Orleans Property Lady, LLC

Broker/Owner and REALTOR (r) 

New Orleans, LA 70125

504-908-2268 (C)            

 Licensed in the State of Louisiana, USA

New Orleans Property Lady 
           

  

New Orleans Property Lady

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Copyright 2012, Miriam Bernstein, All Rights Reserved

Comments (3)

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Of course, none of this means anything if the listing agent doesn't update the status to reflect the true state of availability.

Grrrrrrrr.

Aug 18, 2009 10:52 PM
Miriam Bernstei
Rochester, NY

Lenn, love the new picture - in Westchester County our MLS is strong and rules are followed, for the most part.

Aug 18, 2009 11:07 PM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

Lenn, as always, has a point!

Aug 31, 2009 11:41 PM