Active - The home is currently active on the market; available for sale. When searching on GoHomeArizona only active homes are displayed, preventing you from the heartache of falling in love with a home in escrow.
Agency Disclosure & Election - Before entering into a discussion about real estate you should determine whether the real estate agent you are talking to is working for the seller, or if he intends to represent you in the transaction. Failure to determine this information up front may undermine your ability to negotiate the best price and/or terms. Ask for this form during your initial meeting with a real estate agent.
Bidding War - When Multiple Offers are received and buyers bid until the highest or best positioned buyer secures the contract. In some cases, a lower cash offer will prevail over a financed one.
BINSR - Buyer Inspection Notice Seller Response is used following the buyer's inspection to notify the seller if there are any repairs required.
Earnest Money Deposit - The money used to open escrow following the acceptance of an offer on a home.
CCBS Contract Contingent on Buyer's Sale - Seller has accepted an offer from a buyer that is contingent on buyer selling his/her current home.
Multiple Offers - When multiple buyers offer to purchase a home at the same time.
Open House - A home that is held open by a licensed real estate agent for the purpose of bringing attention to the home, making it available for people to see the home, gauge interest, solicit feedback, and potentially an offer.
Pre-Qual - A buyer's pre-qualification form used by sellers to determine the ability of the buyer to complete the sale. You and your Realtor use it to establish a budget when searching for homes.
Pre-Approval - A form or letter stating a buyer has turned in all of the documents required by a lender to be approved for a loan and an underwriter has reviewed the file.
Showing - A scheduled appointment to see a property with an agent.
SPDS Seller Property Disclosure Statement - A document that assists the sellers in disclosing to buyers all material facts regarding the property to the buyer.
Timeline - The specified time for each action to take place beginning with preparing the contract and ending with the close of escrow. Failure to complete any task on time could result in the loss of your earnest money deposit, and/or the contract to purchase/sell the home.
UC | Under Contract | Pending - The seller has accepted an offer from a buyer.
UCB Under Contract Backups - Seller has accepted an offer from a buyer and is seeking additional offers in the event the buyer cancels.