The lexicon of the real estate industry has made it to the mainstream. The problem is that the definitions for these terms are blurry and haven’t quite made the transition out to the consumer. Active, Pending and Sold are the main terms to focus on.
See that little question mark on the top left? That’s because realtors can’t always figure out what all those other terms mean either. So for this conversation, the other terms are just noise.
Active Release Clause, Pending Contingent, whatever, just make it more confusing than it already is. Just focus on the fact that if it’s Active, it’s available to purchase. Not active, not available to purchase. Pending? Nope, not active, not technically for sale.
Here’s the blurry part of the Active, Pending and Sold situation in the Roseville real estate market:
Sold and closed are not the same thing. Seriously.
Although we use them interchangeably, they’re not the same. If a property is sold, that means it’s under contract – not available for purchase; but the seller still owns it. The process to getting a new owner is going on. And it can be a long one, but it’s not done.
So when we’re trying to figure out what house is a comparable sale to another, we should look at the sale date, not the close date. This is important – especially in a fast-moving market. Because the close date has nothing to do with the sale date of the property. The close date is a date of convenience for both the buyer, the seller and the bank – a date when all the paperwork, signatures and complications can be resolved. Generally, that’s between 21 and 30 days.
For comparable purposes, it really doesn’t matter when the house closed. It matters when the house sold – when it went into contract.
Closed: the transaction has completed the process and the house has a new owner.
One more term you need to know related to the Roseville Real Estate Market: Escrow
“In Escrow” is pending. Meaning it’s not for sale – it’s “under contract.” That’s the process of transferring the home to its new owner.
I know this is confusing. If you need help figuring out what it all means, let me know. I’m happy to help.
Vicki [@] CallVicki.com
Today’s Real Estate article Roseville Real Estate Market: Active, Contingent, Pending, Sold – What’s The Difference? was written by Vicki Moore, Lyon Real Estate – Roseville. You’ll find Vicki selling homes in the Great Sacramento area.
Vicki Moore, has been a licensed California Real Estate Agent since 1998. You can speak with Vicki by calling/texting her at 650-888-9268 or you can email her at: Vicki@CallVicki.com if you have questions or need help in a real estate transaction in the Roseville real estate market.
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