Real Estate Lingo: What Does Everything Mean?

If you are new to real estate you will learn almost immediately that this industry needs its own Thesaurus. From the listing description to the things your South Lake Tahoe realtor says, you will likely be left scratching your head a few times wondering what it is they actually mean. If you are new to South Lake Tahoe real estate, you will want to read this one so you aren’t left in the dark!

Active

This means the South Lake Tahoe real estate is available for purchase. It could have received some offers, but they were not accepted. So, if you like a home that is “active” and want to make a purchase-go for it!

Active Pending

This means the home for sale in South Lake Tahoe has received an offer. If you really want the home, you could make a back up offer just in case. It doesn’t mean you will get the home, it simply means that if the deal falls out, you are next in line.

Pending-Do Not Show

This means the seller has an accepted offer on their home for sale in South Lake Tahoe and (most likely) an executed contract with all the contingencies met. This is usually the escrow period and they do not want anyone going to see the house.

Contingent

This is a fun one as a lot of people get confused with this term. “Contingent” still means pending and that the home is under contract but the sale is subject to a certain criterion being met before the deal closes. Contingencies could be the buyers house selling first, home inspections, attorney review if applicable, etc. It basically means they are waiting on something else to happen before they go through with the deal.

Sold

This term is the most obvious of the bunch. The South Lake Tahoe real estate has sold and the home is officially in the hands of a new owner. Better luck next time!

Back on market

Also known as BOMK, this home for sale in South Lake Tahoe went from pending back to active. Simply put, the escrow fell through. This doesn’t always mean something is wrong with the home, it could be that the buyers financing fell apart last second so don’t let this status scare you.

Expired

This active property is no longer active and is off the market. If you are still interested in this real estate in South Lake Tahoe, your South Lake Tahoe realtor could touch base with the sellers realtor and see if they are still interested in selling.

Temporarily off the market

Also known as TOMK, the seller has taken the property off the market for an unknown period of time. This usually happens because work needs to be done or the home cannot be shown. If you had your eye on the home, it should be back to active soon.

Withdrawn

Unlike a TOMK listing, a withdrawn property may not come back on the market. The sellers could have decided to keep the home or they were frustrated by the lack of activity or the offers they got. You can have your South Lake Tahoe realtor contact their realtor to get the inside scoop and see if it is appropriate to make an offer.

While these are not the only terms in South Lake Tahoe real estate, these are the most common. If you are still trying to wrap your head around the lingo and how it works, give me a call as I would be happy to guide you through this process.

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