If you are not a real estate geek or have lived in another part of the country where the terms used are different, then some of the words we use in New Orleans real estate may seem like Greek to you.
Here is a quick and easy primer on the different real estate listing statuses used by New Orleans REALTORS®.
Currently listed for sale in the MLS (multiple listing service – a central database of all property in an area listed by real estate professionals)
Pending or Continue to Show
An offer has been accepted on the property, but the seller is continuing to allow potential buyers to view the property – usually in hopes of getting a back up offer. Typically, this status means that inspections and the appraisal have not been completed yet. In some cases, sellers are not 100% warm and fuzzy that the contract will make it to closing and want to hedge their bets a bit by continuing to show the property up until they receive a clear to close from the buyers mortgage company.
An offer has been accepted on the property, but the buyers are still trying to sell their existing home – in some other areas of the country, this is known as a contingency. Usually, a predicated offer has terms that give the buyers a specific amount of time to sell their home and/or to remove the predication if another acceptable offer comes in. During the period of the predication, the seller will continue to allow showings to all qualified buyers.
An offer has been accepted on the property and the seller is not allowing showings. Things happen though, so if the house you’ve had your eye on is “under contract”, ask your agent to keep you updated in case it comes back on the market.
The sale has been completed and the property has been transferred to the new owners.
Not so hard, right? If you have questions about the New Orleans real estate market, feel free to give us a call at 504-327-5303. We have answers.