HomeTraq University

Can you schedule a showing for a home in Pending status?  Does the Under Contract status mean that there is a chance the current offer on a home may fall through?  Will the seller consider a back up offer from you in the case that the current buyer is unable to sell their current home soon?  These are all fantastic questions and each property status requires these questions to be addressed in different possible ways.  Every professional industry has its own language, and real estate is no exception.  There are probably more terms and acronyms in the housing and mortgage businesses than most.  When you are viewing real estate properties online you undoubtedly will start noticing different property statuses and wonder what each one means.  While a local professional will always be the most beneficial to help navigate each situation, the following are the definitions of statuses according to the local MLS (multiple listing service) to give some ba...

Coming Soon listings continue to become more common as the local housing inventory tightens.  It causes concern among buyers, sellers and real estate professionals.  It has prompted real estate commissions across the country to issue guidance on the topic. Here’s what you need to know to keep informed and to understand all sides of the equation. What’s a Coming Soon listing? A Coming Soon listing refers to a property that is not available for showing or sale until a later date. “Coming Soon” can be a legitimate advertising technique, allowing the owners more time to complete repairs, pack, or otherwise prepare the property for showing or sale. A legitimate Coming Soon listing should truly be unavailable for purchase or showing. Should you be concerned about buying a Coming Soon listing? Listing agents can stir up pre-market excitement by listing a home as Coming Soon. The idea is since there are very few homes for sale, a new listing that is not yet a...