Before you start your search for homes for sale in Estes Park, you would be wise to familiarize yourself with some of the most commonly used real estate status codes. Here are a few of the codes that you need to understand so that you can make an informed purchasing decision.
Active vs. Closed: The most basic status to pay attention to is whether a property is active or closed (CL). Self-explanatory in nature, active properties are currently for sale. While the property may have received multiple offers, none have been officially accepted at the time of the update. This means that it is available for you to make an offer. Conversely, CL status means that the property is not available for bidding. In the middle of this spectrum, you will find the active with contract (AWC) status. This code means that although there has been an offer accepted on the property, the seller is entertaining backup offers in case the original proposal falls through.
Contract Codes: Once a seller accepts a contract with a buyer, it officially goes under contract (UC). Within this umbrella, you may find a contingent status which means that the sale is subject to a set of criteria being met. This may include contingencies such as home inspection or financing deals. Some sellers will entertain backup offers even if the property is under a contingency deal. Do not hesitate to put an offer on a home under a contingency if you have your heart set on it.
Pending Status: Deal pending (DP) means that the contract has been agreed to and that the contingencies have been met. This is essentially the escrow period with both parties moving toward the closing date. You may also find a property that is pending but showing for backup, translating to a buyer willing to look at additional offers in the event that the original offer does not come to fruition. A pending subject to lender approval puts the final decision in the hands of the bank to give the green light to the buyer.
Miscellaneous Codes: Some of the miscellaneous codes that you may see toward the end of the purchasing process include BOM, a term used to indicate that the property is back on the market, or TOM to describe a property that has been temporarily taken off the market. A property that has been listed as either expired or withdrawn signals that the seller changed course for a variety of reasons. While there is a chance the property could come back onto the market, it is not available at the current time.
Although a trained professional can certainly walk you through all of these complexities, you will feel more empowered in this process if you know the basic codes.