Thursday, August 19, 2010

What do these terms mean on properties for sale?

I'm looking at properties and they have different status letters on them. can anyone tell me what they mean? or give me a site to go to? Here are the ones I see most often, the first two are obvious but if I'm wrong I'd appreciate a correction.





Status A: Available


Status P: Pending


Status OP: ??


Status PS: ??


Status P/RES: Pending Residential. (I found this meaning via search but I don't understand it)





I live in Houston, TX if that helps with the status terms. Thank you.What do these terms mean on properties for sale?
Available - just like it sounds


Pending - house is under contract and past the contingency days


OP - Option Pending - Under contract, but the buyer has the option to back out for any reason (time frame usually negotiated in Texas, typically so the buiyer may do inspections and decide if they still want the house - negotiations for repairs happen during this time)


PS - Pending, Show for BackUp - Under contract, but the listing agent and seller want others to continue to show the property. Perhaps they don't feel great confidence that this deal will close.


P/Res - never heard of it and cannot guess what it means





In San Antonio, we have something called P/RFR - means 'right of first refusal', (which is a misnomer) - It's really meaning that the buyer still needs to sell his house prior to closing on the one in question.What do these terms mean on properties for sale?
Status codes will vary from one MLS to another. Call a Realtor in your area.





realtor.sailor

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