Attention actively-looking buyers or people starting to look at houses to buy!
All of the Realtors in the area have changed from MRIS to Bright MLS for our Multiple Listing Services. This is where we post our listings which get posted throughout. This new tool has some great new additions for how us agents can help you — including adding commute times as a location setting (For example: I want to be 30 mins from my office and my partner wants to be 45 mins from their office. Where is the overlap? That is where we want to get a house).
But it also has one update that you may find confusing at first. Previously you would have seen that houses are active, under contract with and without a kickout CNTG/NO KO or CNTG/KO, and under contract. A kick out is an option for the seller to kick the buyer out of the contract, say they have a home sale contingency and they don’t get their house under contract in time. Both under contract with and without a kick out mean that there is a contingency that has not yet been met so the contract could still end. The status of “just” under contract means that the contingencies have all been met and they are headed to closing.
Now there are some new statuses – active under contract and pending – which replace all of those under contract statuses from above. Now a contract will show as active under contract when the seller has accepted a written offer but agrees to continue to show the property and accept back up offers. Pending means that a house has gone under contract and they are no longer setting up appointments to show. They haven’t settled yet but they are working toward it.
If you are looking to purchase now or in the near future, and you want to talk about what this means, please feel free to message me and I can clarify any confusion you may have.