“Pending,” “sold,” “MLS,” “and “client” are four common real estate terms you might hear when buying or selling a home. Here is what these terms mean.
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Here are four common real estate terms you might hear when dealing with real estate agents and what they mean:
Pending: When we put a “pending” sign in front of a house, this means the property has an accepted offer and the buyer and seller have agreed on most of the terms and they’re waiting for closing. There’s normally a 30- to 45-day time frame for the buyer to do their due diligence. It also gives the bank time to get their paperwork in order. Basically, “pending” means the sale is “pending to close.”
Sold: If you see a “sold” sign in front of a house, that means the property has already closed—it’s already changed hands, the deed’s been signed, the title work is done, and the new owner is probably in the process of moving in.
MLS: This acronym stands for “multiple listing service,” which is the system us agents use to search and reference any and all active properties in the market.
Client: Or more specifically, what’s the difference between a client and a customer? You become a client once you fill out paperwork with us and we’ve fully disclosed our service relationship to you. A customer, on the other hand, is someone who’s just walked into an open house and is still in their home search phase. At that point, we don’t have any fiduciary rights to that person and don’t represent them in any way, shape, or form.
If you have any questions about these terms or you’re thinking of buying or selling a home in our area, feel free to reach out to me. I’d be happy to help you.
Pending: When we put a “pending” sign in front of a house, this means the property has an accepted offer and the buyer and seller have agreed on most of the terms and they’re waiting for closing. There’s normally a 30- to 45-day time frame for the buyer to do their due diligence. It also gives the bank time to get their paperwork in order. Basically, “pending” means the sale is “pending to close.”
Sold: If you see a “sold” sign in front of a house, that means the property has already closed—it’s already changed hands, the deed’s been signed, the title work is done, and the new owner is probably in the process of moving in.
Once you become a client, we start fighting for you.
Client: Or more specifically, what’s the difference between a client and a customer? You become a client once you fill out paperwork with us and we’ve fully disclosed our service relationship to you. A customer, on the other hand, is someone who’s just walked into an open house and is still in their home search phase. At that point, we don’t have any fiduciary rights to that person and don’t represent them in any way, shape, or form.
If you have any questions about these terms or you’re thinking of buying or selling a home in our area, feel free to reach out to me. I’d be happy to help you.
