Category: REAL ESTATE QUESTIONS

Real Estate Terms: Contingent, Reactivated and Pending

When a property is active (ACTV) and closed (CLSD) on the multiple listing service, it is pretty self explanatory, but do you know it means when a property shows/your Agent tells you that listing is contingent (CTG), reactivated (RACT) or pending (PEND)?

Real-Estate-101Contingent (CTG) is another word for under contract with conditions, meaning the seller has accepted an offer on the property. However, there are often conditions/contingencies to be met, such as: attorney review/inspection (A/I), financing (FIN) or even CTGO, which may be used for a short sale.

The Pending (PEND) status means that contingencies have been met or waived (by the buyer/lender). In other words, in most cases, pending means the transaction will be closing soon. It may be placed as a pending status when the lender issues a clear-to-close, if the buyer is taking out a loan, and a closing has been set.

Reactivated (RACT) reactivated means that the listing was under contract, contingent, and is now back on the market. There are a variety of reasons why it would be reactivated, including but not limited to: buyer and seller couldn’t agree on inspection items to be fixed, buyer couldn’t obtain financing, or extensions on terms weren’t granted, or the seller/lender in a short sale didn’t accept the offer that was sent over, to name a few.

Another status you may be see is TEMP, which means that there are temporarily no showings. The sellers aren’t taking their property off the market, per se, but they are not currently showing.

 

Real Estate Question: What is radon? And what to do about it…

Radon is an odorless, tasteless and invisible gas produced by the decay of naturally occurring uranium in soil and water. Radon is a form of ionizing radiation and a proven carcinogen. If you are selling a home, or purchasing one, you will be asked to disclose any known knowledge of radon. Radon tests are strongly encouraged when one purchases a property and repeatedly after that to be safe.

It can be dangerous: EPA estimates that about 20,000 lung cancer deaths each year in the U.S. are radon-related. Exposure to radon is the second leading cause of lung cancer after smoking. Read here for more information.

Here is a list of radon levels by city and zip code:  Cook County Will CountyDuPage County

Talk with a radon tester or a radon mitigator for more information. If your level is higher than the level the state is unsafe, they would probably recommended radon mitigation.

From the EPA: “For most Americans, their greatest exposure to radon is in their homes; especially in rooms that are below grade (e.g., basements), rooms that are in contact with the ground and those rooms immediately above them… It’s never too late to reduce your risk of lung cancer. Don’t wait to test and fix a radon problem. If you are a smoker, stop smoking. Consider quitting. Until you can quit, smoke outside and provide your family with a smoke-free home. (www.epa.gov/smokefree).”