Well, the tax credit is over, so I feel like I have time to start blogging again! During April, I felt like the Beatles working 8 days a week!
I came across a situation this past week involving home searching on HAR. When looking at homes, you will notice each is categorized by its status. Below is an explanation of what you will see while combing through the masses of available homes!
Active (A): is obvious....it means that it is open for showings and offers.
Option Period (OP): this means that the owners have accepted an offer and the buyer is in the inspection period. We normally do not make showing appointments for homes in the Option Period. This is the period where the awarded buyers are free to have any inspections they choose. Also, the buyer has a chance to back out of the contract if something scary pops up! This will be an important time period for YOU, as a buyer, when we get under a contract.
Pending (P): The sellers have accepted an offer AND the inspection period is over. Homes in Pending are not available as they should be heading towards a closing soon.
Pending Continue to Show (PS): This status is tricky and could mean a few different things. Agents will put their listing in PS if the awarded buyer is having trouble with his/her financing. It usually means that they have an accepted offer, but will be willing to look at "back-up" offers. However, in today's financing market, some agents will put their listings in PS status "just in case" something does happen with the current buyer. On homes in PS, I always call to check on the status before trying to make any appointments.
I hope this gives a little insight to the different situations you will see on HAR. Remember, the tax credit deadline is over...but that doesn't mean the market is dead! Like the people working at Chick-Fil-A always say, "It's a great day at Chick-Fil-A!" Well, I'll change it a little to say, "It's a great day to BUY or SELL!"