During the process of searching for an Orange County home for sale, you might one day review the Multiple Listing Service (MLS) and see that there are many different classifications for homes on the MLS including active, backup offer and pending sale.
In this post were going to cover the meaning of these terms so that you are more aware of what they mean and how they apply to you during the process of buying a home for sale in Orange County.
Quite simply, the term active listing means that the property or home is still active on the Multiple Listing Service and you can submit an offer on it and the home will stay active on the MLS until an offer has been submitted.
Backup offer means that the home is now in escrow, and an offer has been accepted but the seller and the listing agent are open to a backup offer.
If the first offer on the home falls through your offer may be considered by the listing agent and the seller.
Ultimately a backup offer depends upon both the listing and the seller because, they must both agree to accept backup offers first or the potential buyer will not be able to submit one.
A pending sale means that the home is now in escrow and both the seller and the listing agent are no longer open to accepting any backup offers.
The nice thing about Real Estate these terms like backup offer, pending sale and active listing is that a buyer can easily search for these specific terms or we can help you tailor your home search based on these terms.
To learn more about the meaning of these Real Estate terms, or to view the latest Orange County homes for sale, call Fred Sed & Associates today at 949-272-0125.
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