As you browse listings on BerkshireHathawayHS.com or realtor.com, you may find homes you like that appear to be unavailable, due to some kind of contingency. If you find the perfect home, but it’s labeled Cntg/KO or Cntg/NoKO should you pursue it or forget it?
The reality is that contracts fall through sometimes, however you might want to keep it as a backup option instead of your first choice. If you have a back-up contract, you can buy the home should it come back on the market. I can send you auto emails that will let you know when the status of the properties you are interested in change.
This means that a property is scheduled to be listed in the MLS and on the market on date that is coming soon – typically within 2 weeks.
This property is currently active in the MLS and on the market. They are accepting offers at this time.
Contengies/ Kick Out:
Active kick out means the seller has accepted a contingent offer, such as the buyer has a home to sell before they can close on the seller’s home. The seller can reserve the right to accept a better offer and “kick out” the previous buyer. They must give the first buyer 48 to 72 hours to either remove the contingency and move forward with the purchase, or back out of the contract.
Contingencies/No Kick Out or normal Contract:
Nearly all offers-to-buy have contingencies. Typical contingencies include provisions that the home must meet the appraised value by the mortgage lender’s third-party appraiser, or it must pass a professional third-party home inspection to the buyer’s satisfaction. The buyer may make the contract contingent upon the lender funding the purchase.
This means the property is fully under contract, with no more contingencies to fulfill and will be closing soon.
This means the property is officially off of the market and a buyer has become the new owner.
This means the house has been temporarily taken off of the market. In most cases the seller has decided to make some repair or renovation that will help the house to sell more quickly when it goes back on the market, but there can be other reasons for a temp off.
This means that the property has been withdrawn from the market. The sellers plans may have changed, they may have changed their minds about selling, or a host of other scenarios could lead to a withdrawn property. This may or may not be back on the market.
This means the brokerage agreement on this property has expired. They may be coming back on the market soon though!
To learn more, contact me!