Category: Real Estate Terms + Info.

Why Working With a Realtor is Better Than Selling For Sale by Owner

3-facts-realtor-vs-fsbo

Sellers usually have goals in mind when selling their home, which consist of: selling the property for the highest price/market value, in the shortest amount of time/within a certain time frame and hope that process is as stress free as possible. Statistically speaking, in Listing with a Real Estate Agent, homes sell for more money, are on the market for less time and there is less stress on the seller. Hiring an experienced and professional Agent in your Agent affords you the knowledge, know-how and team needed to help you in your home sale.

Looking to buy or sell a property in the Chicago suburbs, city or anywhere in the United States? Contact us today. We have local market expertise with national real estate connections and we can help you, or help you find a real estate professional throughout the United States.

 

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.