An MLS(Multiple Listing Service) is an organization of cooperating real estate professionals. Most MLSs is the America today are owned and operated by a local realtor associations. An MLS offers a series of tools that real estate professionals use to search for and identify properties that their clients and costumers might be interested in buying or leasing.
During your property search on the MLS will be used to identify and determine the status of homes you may be interested in purchasing. To help understand the process you should know about the terms used to do describe the status of a home you are interested in purchasing.
Active– A home that is currently active and available for showing appointments.
Option Pending– The home is under contract but the buyer and seller have agreed to a specific amount of time that the buyer may walk away for the sale and get there earnest money back. This gives the buyer time to sure up financing and get an inspection done on the property. The home is still available for showings.
Pending– The home is under contract and in no longer available to show.
Pending Continue to Show– The home is under contract but is still available for showings.
Sold– The home is under contract, has funded, and closed and is no longer available. All sales closed must be reported to the MLS.
Withdrawn– The home has been taken of the market but a valid listing agreement still exist with a real estate agent.
Terminated– The listing agreement between the listing agent and the seller has be terminated before the listing agreement is expired.
Expired. The contract between the listing agent and the seller ends at an agreed upon date in the listing agreement.
Understanding these terms will help you to search more efficiently for the home you want to purchase. It also helps give you an understanding of where the seller is in the process of selling their home and how willing they may be to lower the price of the home.