Below you will find the most frequently asked questions about real estate by home sellers.
Click on the big + button to view the answer.
An Active Property
The property is actively for sale and on the market. The sellers may have received offers but have not accepted any yet.
When an offer is accepted the property will become Pending the completed sale.
If the contract falls through, typically the property will go Active again.
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A canceled listing differs from a withdrawn listing, so the listing contract is still in effect, but the property is not being marketed. A withdrawn listing can be for many reasons, including: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 is a Listing?
In real estate, the word “listing” is typically used to refer to the for-sale home or property itself, although it technically means the agreement between the broker and the owner of the home to market and sell the property.
When you hire a Realtor to sell your house, that is referred to as “taking a listing”.
This is not the same as listing the property on the MLS (Multiple Listing Service), however, when an agent takes a listing, they usually list it on the MLS.
See also, Pocket Listing.
What is the MLS?
MLS stands for Multiple Listing Service. They collect, compile and distribute all information about homes listed for sale.
The MLS is the organization real estate brokers use to search for and list properties for their clients.
Membership isn’t open to the general public, although selected MLS data may be sold to real estate listing websites, like Realtor.com or our own MLS listing search where the public can search the MLS at no charge.
See also the term “listing“.
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 Pending mean?
With a property that is pending, the property owner has accepted an offer from a buyer and they are under contract with that buyer.
Their agreement may be subject to a variety of contingencies: inspections, appraisal, financing, and more.
The home is not sold just yet. Typically if the sale does not go through, the house will return to “Active” status.
The property is Sold
The property has been sold and is off the market. The transaction has been completed and the new buyers own the home.
The property is no longer available to purchase or take offers on.
Time to look for another home to buy. 😉
What does Temporarily off the market (TOM) mean?
The owner has decided to take the listing off the market for an undetermined amount of time. Typically, this is because work is being done, or the home is unavailable for showings at the time.
Usually, the home will be back on the market in the near future. If not, the listing status will go to Cancelled.
What does Withdrawn mean? 🤔
🏠 The home listing was withdrawn from the market by the owner. This could be for various reasons: The owners may have decided they do not want to sell anymore, or maybe they didn’t like the offers they received.
A More In Depth Definition 🕳️
In real estate, “withdrawn” refers to a status that a listing can assume when a property is no longer actively marketed for sale.
This may happen for a variety of reasons, such as the property owner deciding to pause or stop the selling process, the real estate agent and client ending their agreement, or because of legal or compliance issues.
🪳 It can also happen because the homeowner discovers serious issues with the home after having inspections, such as a roof inspection, foundation inspection, or termite inspection.
❗The crucial aspect is that while the property is considered withdrawn, it remains under a contract with the brokerage or real estate agent.
❌ This differs from a “cancelled” listing, where the contract with the brokerage or agent is terminated.
Can a Withdrawn Listing Become Active Again? 🙋🏼♂️
A “withdrawn” listing can return to “active” status if the property owner decides to resume the selling process. At that time, the home is back on the market for sale.
📝 It should be noted that while a listing is in “withdrawn” status, it is typically not visible to the public on main real estate platforms, although it still appears in some real estate databases accessible to professionals in the industry.
🫸🏼 As such, a “withdrawn” status can serve as a temporary pause in the marketing efforts for a property, rather than a permanent cessation.
In my experience, the home can also be withdrawn from the real estate market because they are not happy with the Listing Agent they hired. I know! That’s hard to believe! 😏 Of course, that’s never happened to me. 😁
If you want more information about this or have any other question about real estate, just call me. 🤙🏼
~ 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/
