Recently, we got a question from a client asking about the letters next to property status and what they mean. To us, it’s something we see everyday so we never though to explain it. However, to someone who is not involved with buying and selling Austin homes everyday, it might be a bit confusing.
What Do Property Status Letters Mean in Austin MLS?
Here are the letters you’ll find next to the “Property Status” field in the Austin MLS and what each means.
A = Active
Property is on the market and offered for sale. There are no pending contracts on the property.
AC = Active with a Contingency Offer
Property is under contract, but the contract has a contingency. Most contingencies are the need for the primary buyer to sell a home before they purchase. The property is still on the market. If you submit a contract and is accepted by the seller , the primary buyer has a short period of time to remove the contingency or terminate the contract. If they terminate, your contract becomes the primary contract.
PB = Pending Taking Backup Offers
Property is under contract and likely the buyer in the option period. Once the option period ends, the listing agent should move the home to pending. During this period, other buyers can submit a contract on the home. If your offer is accepted by the seller, your offer moves into backup position. If the first contract falls through (the buyer cancels), your offer will move into primary position.
P = Pending
Property is under contract and likely past the option period. If the buyer cancels at this point, they will lose their earnest money. Thus, most contracts that make it past the option period are likely to close escrow.
W = Withdrawn
The home owner has decided to take their home off the MLS. The home is still technically listed by the Realtor until the expiration date, however, the home has been removed from the MLS database.
C = Cancelled
The listing contract has been terminated with the Realtor. The home has been removed from the MLS database and is no longer for sale.
E = Expired
When homes are listed with a Realtor, they are listed for a certain period of time. Once that time frame is up and no extension has been granted, the listing expires and the home is taken off the market. Sometimes sellers list again with the same Realtor, another Realtor or take it off the market for a while.
S = Sold
Property has closed escrow and no longer on the market.
More Austin Home Buyer Tips
For more Austin home buyer tips, check out our Austin Home Buyer Guide and our Austin Home Buyer Blog. Have questions? Email us at info@11OaksRealty.com.
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