Relocate to Wisconsin

Terms for Stages in a Real Estate Transaction

  We can only speak to terms used in Wisconsin and know that real estate is local and other terms or definitions may be used in other states.

     A new status in our MLS is "Delayed"...an agent may choose as a part of the overall marketing plan to list the property with descriptions and pictures that can only be seen by MLS members and not the general public . It gives agents a "heads up" for listings to come and can be input for a maximum of two weeks before the listing goes "live" and the status changes to Active.

    When a property is listed, MLS gives the status of the listing as "Active."  There are instructions given to agentsKW  For Sale Sign which may include things like notice required for showings due to pets or child care, being aware of alarm systems, etc.

   When the Seller has an offer which has contingencies, most commonly in Wisconsin the inspection, financing and appraisal of the property, it "under contract or active with offer."  During this time, a Seller may choose to continue to show the property and get secondary offers, or Accepted offerdecide that the offer is solid and not continue showings.

    When the contingencies in an offer have been satisfied...inspection completed or waived, appraisal done and loan comittment in place...the status changes to Pending. Pending can be an immediate status for a property that has a cash offer and either has passed inspection or did not have one...OR one with all contingencies satisfied and the race to the closing table begins.

       The best sign...the one that signals the "happily ever after" of the transaction is of course "SOLD" and that status, as with all others must be appear in MLS within 48 hours of that change in status.

   If you or anyone you know is look for their "happily ever after" in southeastern Wisconsin real estate as Sellers or Buyers...call the Hansons...we are honored to be of service.

 

 

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 14 commentsSally K. & David L. Hanson • June 13 2016 04:37AM
Terms for Stages in a Real Estate Transaction
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