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What Does ‘Under Contract’ Mean on a Home Listing?

HomeLight

Oriana Shea , a top-rated agent in California who has been helping homebuyers for 26 years, says that, depending on local multiple list service (MLS) rules and where the property is located, a listing might actually be tagged as “contingent” rather than under contract. What contingencies might be attached to ‘under contract’ listings?

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Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” Two important statuses in the MLS are “Contingent” and “Pending.” Financing or Mortgage Contingencies. What Other MLS Statuses Are There?

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Are HUD Homes a Good Deal? How to Tell If the Properties Are a Fit

HomeLight

You’re finally ready to purchase a home and after doing some research online, you think that exploring your options around how to buy a HUD Home might be a good fit for your lifestyle and finances. The HUD Home Store site is updated more frequently, while you may still see HUD properties on the MLS that are no longer available.

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11 Homeselling Myths, Debunked

The Close

After all, a new listing on the MLS gets the most attention in the first week. Selling a home is the same—it’s not just a sign in the yard and a posting on the MLS. If a buyer loves the home but has no way financially to prove that they 1) are serious about a purchase and 2) can finance it, then you’ll need to send them to a lender.

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How to Make Your Offer More Competitive!

CT Homes

If you are using lender financing, the more money down the more likely your loan will be accepted. In addition to down payment on your loan you should consider increasing your Earnest Money Deposit (EMD). This is money that you potentially stand to lose if you back out of the deal without justification.

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What Is a Real Estate Love Letter? Best Practices for Agents

The Close

The National Association of Realtors (NAR) notes that you should inform other agents in the MLS listing that buyer love letters won’t be accepted. As agents, we know this. However, our clients aren’t as well-versed in real estate laws. These objective offer strategies help your buyers stand out and comply with fair housing laws.

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16 Tips to Win a Bidding War on a House

The Close

The less your buyers need to finance, the less likely the deal will fall through. They only had to finance a small part of the home loan (less than $100,000) after they offered to pay 80% of the list price in cash. Offer a Sizeable Down Payment Make a big impression by offering a large earnest money deposit (EMD) to hold the contract.