Status Matters in Real Estate

Real Estate Agent with The Romanski Group/ Keller Williams Realty

Status really does matter. Especially in real estate. If your status is prequalified, you have a lender who is willing to attempt to approve you for a loan, but it's not guaranteed. If you're pre-approved it means we can make an offer on a home. And if you are a cash buyer, it gives us a lot of leverage in bargaining for a good deal. Status matters. 

Status Matters

Status matters also in terms of how your listing is showing up in the IRMLS and the various listing sites. If your home is active, it means it's worth taking a look at. Unless your property has been on the market for 180 days, active is usually an "ok" place to be. Pending is always better but closed is the best. But the reality is that there are a few other statuses that are areas that will likely affect the price you get for your home. 

When a property is listed as "back on the market" it's usually because a deal that was in the works failed on a property. This means that there is either an issue with the property, an issue with the buyer's lending, or an issue with the ability of the seller and buyer to broker an agreement via their real estate agents. This leaves potential buyers to be just a bit more cautious when they approach the property. 

Another issue when we are talking about status is seeing a property that's been active on the market for more than 180 days. It could be that the house is just a house that has been overlooked or that just isn't super popular, but odds are that this status is going to result in a lower offer or a need to drop the price.

Finally, we all hate to see the statuses cancelled or withdrawn. These statuses are just a sign that somewhere the process failed. The Romanski Group is so focused on getting a home sold that we even offer a guaranteed sale program. But even with this program, we will, at times, run into issues and have to mark a property as cancelled or withdrawn. 


Bottom line? Status really does matter.


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