I want to help shed some light on the different types of property statuses, as this is a great question I receive. The explanation below helps to explain what the rules of engagement are for viewing and purchasing real estate in the Louisville market.
Active: An active status means that the property is available for sale. There are no accepted contracts on the property. Appointments can be set to view the property and make offers accordingly. There may be time restrictions on viewing; however, it is wide open for purchase.
Active Under Contract: This status is a new one in the Louisville market. It is an optional status that some agents use. It means that there is an accepted contract on the property; however, there are contingencies still in place. This is most often a contingency on inspection, where the buyers are in a position to back out of the contract because of issues from the inspection. The property can still be seen. A back-up offer can be made in case the currently accepted contract falls through.
Active with 24/48 hour Right of Refusal: This status will not show from an on-line search; however, I can see it as an agent. What it means is that a property has an accepted contract; however, the closing of the deal is contingent upon the sale of the buyer's current property. If a new buyer submits an offer, the current buyer with the accepted contract has either 24 or 48 hours (depending on what was agreed upon) to perform. Performing means that the current buyer must find a way to buy the property without needing to sell the buyer's current property. If that buyer cannot perform, it nullifies their current contract.
Pending: This status means that the property has an accepted contract on it, and there are no more showings taking place. This doesn't mean the property could not come back on market. It means, though, that no further activity is occurring.
Closed: A Closed status means that the property has been sold. It is no longer on the market.
Temporarily Off Market: This status means that the house has been taken off the market for typically a short period of time. This could be the result of various reasons (e.g. the owner needs to finish some work to the property, a family situation, etc.). No showings will take place during this time, but the property should come back on the market with the same real estate agent.
Expired: This means that the listing contract has run out. For example, if an agent had a listing contract with a seller that lasted six months an
d the house hasn't sold, the listing contract would expire after the six months. The property would not be on the market for sale currently.
Cancelled: This status means that the house was taken completely off the market for some reason. The property must be completely re-listed in order to be for sale again.
Each situation is a little different. I am happy to speak in detail regarding any status questions you may have.
Please contact me with any questions regarding real estate you may have.
Matt Gatewood
Realtor®
Keller Williams Louisville East
502-594-6582
