Below you will find the most frequently asked questions about real estate.
Click on the big + button to view the answer.
A canceled status on a multiple listing service (MLS) means that the listing agreement between the seller and the listing agent has been cancelled:
- The property is no longer available for showings 🏡
- The relationship between the seller and the listing agent ends 🙅🏼♀️
- The listing will not show up as expired in the future 👍🏼
- Also, the seller is free to relist the property with another broker 🏠
📜 To relist the property, the seller will need to get a new listing agreement with the broker.
A canceled listing differs from a withdrawn listing, so the listing contract is still in effect, but the property is not being marketed. A withdrawn listing can be for many reasons, including:
- The seller changed their mind 🤷🏼♂️
- The seller wants to make improvements to the home 🔨🔦
- Also, the seller may want a break from showing the home 😪
More About a Cancelled Listing
❎ When a real estate listing is cancelled, it means that the property which was previously available for sale is no longer on the market.
This could be because of a variety of reasons – the owner may have decided not to sell, the agreement with the real estate agent may have ended, or the property may have been taken off the market for improvements or repairs.
🚫 The cancellation implies that the property is no longer actively seeking potential buyers.
👩🏼Libby Says…
In my experience, the home seller may have unrealistic expectations about selling their home. They may expect more money than the home is worth. They may think the property will sell quickly without doing any repairs, staging or preparing the home for the market.
Having an agent that is honest with the seller is paramount to a fast sale for the most amount of money. I help sellers manage their expectations and have realistic goals for the sale of their property.
If you want honest advice about selling your home, give me a call right away. 🤙🏼
~ Libby
📲 865-364-0200
📧 Libby@guthriegrouphomes.com
Libby Guthrie, REALTOR
Keller Williams 865-966-5005
Guthrie Group Homes, Knoxville TN Real Estate
https://gghknoxville.com/
What are Comparable Sales? 🤔
Known in real estate as “comps,” comparable sales are the sales prices of similar homes and are based on the following:
☑️ Lot size
☑️ Condition
☑️ Age & Construction
☑️ Square footage
☑️ Close proximity
☑️ Time frame of the sale
When it comes to buying or selling, both place high importance on comps to determine a home’s value.
Contact our team for a ✨ free consultation ✨ to learn more about what homes are selling for in your area.
What does “Months of Supply” tell us about the market?
To break it down simply:
A Balanced Market = 6 to 7 months of supply
There are a relatively even number of buyers and sellers.
A Seller’s Market = Fewer than 6 months of supply
There are more buyers than homes for sale, thus sellers hold the upper hand.
A Buyer’s Market = More than 7 months of supply
There are more homes for sale than willing and able buyers, thus buyers have more negotiating power.
Have a question about current market trends? Reach out at any time! We’re here to help you decode the lingo and make the most of today’s market 
What is an Open House? 🤔
During an open house, a seller’s real estate agent or broker holds open hours during which the home is available for the public to view.
What does REO stand for in real estate and what does it mean? 🤔
REO stands for Real Estate Owned. Apparently banks are not very creative. 😁
An REO, known in full as Real Estate Owned, is a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.
This situation occurs when a homeowner defaults (can’t or won’t pay) on their mortgage payments, leading the lender to initiate a foreclosure, which is a legal process that allows them to sell the home and recover as much of the outstanding loan balance as possible.
Upon default, the bank or lender will attempt to sell the property at a foreclosure auction, if the auction does not result in a sale—usually because the minimum bid is not met— the property is tagged as REO.
The lender now takes full control of the property. Post-foreclosure, the lender is responsible for the maintenance of the property and any necessary repairs. The lender will also cover any tax liens, evicting occupants if necessary, and settle homeowner’s association dues.
As the property is now actually costing the lender, they will often list the property for sale in an effort to recoup their investment.
The bank or lender often hires a Real Estate Agent that specializes in dealing with and selling REO properties.
REOs typically present opportunities for investors or home buyers who are in search of discounted homes and are not averse to repairs or renovations, as these properties are often sold “as is”.
