When you’re a Chetek WI home buyer, there are dozens of real estate terms you will hear over the course of your buying journey. From terms like pending, contingency, under contract, and closed, having a firm grasp on these can help you feel confident in your home purchase and even play better than other buyers in the market.
Below are five terms you will want to understand as you begin to browse Chetek area listings this spring:
Active
If you spot this term on a Chetek WI listing, it means the property is available for sale. The home may have received offers already, but its active status means the sellers have not accepted any offers.
Closed
On the opposite end of the spectrum, a closed listing status means the property has sold and is no longer available on the market. A property is only “sold” after the closing has taken place and the money has exchanged hands. Many people refer to a property as “sold” when it is actually one of the following statuses.
Under Contract
When a home is under contract, it means the seller has agreed upon an offer with a potential home buyer. However, it does not mean that the sale is a done deal. There may be several contingencies that need to be met before the sale will officially go through and the home will close.
Pending
A pending status means the Chetek area seller has accepted an offer, agreed upon a contract with the buyer and all contingencies have been met. This is also referred to as the escrow period of a home sale when the buyer and seller work together toward the final step— the closing. Keep in mind, however, that sellers may continue to offer showings as a backup until the sale goes through.
Active with Offer
An active with offer listing status means that a seller has accepted an offer and the home is under contract, however the sale is dependent upon certain criteria being met. This could include the home inspection, the appraisal, title search, and of course, buyer financing. If any of these contingencies should fail to be met, the deal could fall through.
If you have questions about buying a home in the Chetek area this spring, do not hesitate to reach out to Six Lakes Realty! As your experts in the City of Lakes, we are here to walk you through every step of the buying process and make sure there are no uncertainties along the way!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com