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NWMLS reveals new terminology

By
Real Estate Broker/Owner with Fathom Realty Colorado

The NWMLS recently made a few changes to the terminology of home listings that will affect what buyers see when they're searching for homes for sale in Gig Harbor, Fox Island, Port Orchard, or any other area serviced by the NWMLS.

In the past, a home that was on the market was listed as "Active," a home that had an agreed upon contract that was subject to the buyers' inspection was "Active-STI," and homes that were through the inspection stage and waiting for the financing and other final details to be ironed out was considered "Pending." 

"Active" hasn't changed, and "Pending" is still the same, but "Active-STI" has been replaced by 3 more specific terms.  "Pending Inspection" refers to a home that has an accepted offer but still subject to the buyers' home inspection.  "Pending Feasibility" refers to a property in which the buyers have requested a "Feasibility period," which generally means that the buyers want to make sure that the property can be used for the purposes for which they intend (if they want to build on a vacant lot, remodel or rebuild a home, turn a residence into a business, etc).  Finally, "Pending-BU Requested" means that the home has an accepted offer, but the sellers are open to receiving back up offers.  As our home inventory has risen and the mortgage market become more unstable, more contracts seem to be falling apart than in the past, so sellers want to have their home continue to be marketed until the sale is final.

Homes that were "Active-STI" used to show up on home search websites (with their status revealed), but it now appears that homes that are "Pending Inspection" and the other pendings no longer show up.  Only homes that are active are showing up in the home search sites (at least the ones that I tried).  If you have been tracking a home, or are interested in the status of a home in your neighborhood, I'd be happy to look up the status for you if you're unable to find it on your home search site. 

Please don't hesitate to call or email with any real estate questions or needs that you may have.  It's my job, but it's also my pleasure.  Below is a chart that shows the total number of homes for sale in Gig Harbor, Port Orchard, and Key Peninsula in a week by week study of ‘08.

Housing market

Comments (3)

Anonymous
Sandra

 the seller has an accepted my offer (short sale) but  now it shows  Pending-BU requested.  a month later the agent does mention the possibility of another offer. what are my chances of getting this house? ( my credit is perfect so why they do the back up offer?)

Feb 10, 2012 03:42 PM
#1
Matt Thomson
Fathom Realty Colorado - Littleton, CO
Helping you find success through real estate

Good question. In short sales, banks are always looking to net as much money as possible.  The average time for a short sale is between 5-7 months as they analyze the seller's financial statements, get market pricing opinions on the home, and calculate their losses.

I can't speak to the chances of you getting the house, as I don't know the situation (depends on how much is owed on the home, how much your offer was, etc). 

They want a back up offer not because they think you are not qualified, but because they're hoping to get a higher offer to net more money.

If another offer does come in that threatens yours, the listing agent should contact your agent and give you the opportunity to revise your offer.

Hope that helps.

Feb 10, 2012 04:34 PM
Anonymous
Anonymous

Thanks.

Feb 10, 2012 04:56 PM
#3