I Just Want To Look At Homes For Sale in Sacramento - Why So Many Different Status Types?

I Just Want To Look At Homes For Sale in Sacramento - Why So Many Different Status Types?

Buyers in the Sacramento Area have many questions when it comes to understanding the status of the listings in our market. 

We have active, active short sale, active short sale contingent, pending release, pending, expired, expired pending, withdrawn cancellation and a few others!  Here is a brief description of more common status types:

Active: This means that the listing is either a traditional seller or a bank owned sale.

Active Short Sale: This is a listing that the seller owes more on the home than they are selling it for and it will require the banks approval to let them sell the home and take the loss.  How long will a short sale take? That is the question that I get all the time. There is no short answer to that. It really depends on many factors, the bank involved, how many loans there are, if there is mortgage insurance, does the listing agent know how to aggressively move toward the approval, etc. I have had short sales get approved within 24 hours and others have taken 4 months to get approved. I will say that most banks have really come around and are working cooperatively with agents and sellers to get these properties sold.  The listings will stay at this status until an offer has been accepted by the seller and submitted to the bank for approval.

Active Short Sale Contingent:  This is the status that the listing goes to once the seller has accepted an offer. In a traditional sale this would be a "pending" status but because the seller doesn't have the final say, it will stay as contingent until the bank approves the offer. Buyers can still look at properties that are contingent as a back up, but I always suggest seeing the active and active short sale listings first. If these properties loose their buyer they will come back on the market as an "Active Short Sale."

Active Pending Rescission: This usually means that the buyer that had been in contract is in the process of canceling and the property will be available once the official release has been obtained.

Pending: Once a listing is pending it will usually become a "sold" listing within 30-45 days. 

Expired Pending: This means that the property is in pending status but the listing agreement between the seller and the listing agent has expired.

Withdrawn Cancellation: This means that the property is currently off the market and can not be shown.

You may have also noticed bold letters next to listings such as N or B. N means it's a new listing and B means the property was pending but is now back on the market.

Hope this helps. Good Luck and Happy House Hunting!

To view all listings on the market, no matter what the status! Visit my website!