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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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Navigating Bidding Wars During a Hot Real Estate Market

RIS Media

– Coming Soon: Homes that are listed as coming soon in your MLS are technically not allowed to be shown but can accept offers prior to showing. Your client should also come prepared with a few other things: a pre-approval letter, earnest money deposit and, if they are paying cash, a proof of funds document.

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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.” Doing so could mean the forfeiture of their earnest money deposit.

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Earnnest Appoints Russell Smith as General Manager of Earnnest Enterprise

RIS Media

” Prior to joining Earnnest, Smith was director of Real Estate Strategy at HouseCanary, where he led nationwide brokerage expansion, operations, MLS data strategy and industry relations. In this role, he was instrumental in building HouseCanary’s 50-state brokerage entity.

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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. Plus, my clients nearly lost their earnest money deposit due to the delays. Then interest starts to taper off. There are tools like Pivo.ai

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Practical Points for Real Estate Agents

First Team Real Estate

For example, there are three types of payments by the potential buyer before close of escrow: the option payment, the lease security deposit, and the earnest money deposit. Lease/Options have many complex aspects and real estate agents have to be very careful if they get involved.

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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.