What most consumers do not realize is how lucky Houston is to have such an amazing an accurate website as Har.com. While most other markets depend on other aggregator sites that are often inaccurate, Har.com is a shining light in the world of real estate. Most consumers in other markets have no choice but to rely on the inaccurate aggregator sites or spend countless hours searching through individual Realtor’s websites. While Har.com is an amazing site, there is one question as a Houston Realtor I hear quite often: What is the difference between all of the different property status shown? Here is a explanation of the Har.com status and what they mean:
HAR.COM Status Definitions
1. Active – This means the home is available for purchase and is not under contract. While this would give the consumer the idea that the home is for sale, please realize there is an allotted amount of time the agent has to update it after accepting a contract so do not be too surprised if your Realtor calls to set the appointment only to find out it is already sold.
2. Option Pending – In the Texas purchase contract, there is a clause which allows a consumer the unrestricted right to terminate the contract. This is also commonly called the option period. The length of the option period is completely negotiable between the buyer and seller. Most often you will find this period lasts between 7-10 days. During this period of time, the status is option pending because the contract is pending on the resolution/expiration of the option period.
3. Pending Continue To Show – By default in the MLS system, the property changes to this status after the option period expires, and the contract is still in place. Unfortunately, this often gives the consumer the idea that the home is still available to be shown when in fact it is not. Unless the listing agent changes this in the system, it will continue to show this status.
4. Pending – This means the home is out of the option period and is essentially waiting to close. Under rare occasions, it might still be able to be shown if a buyer’s Realtor calls the listing agent, but it is extremely rare.
5. The Secret Status – While this is not necessarily one of the statuses seen on Har.com, there is a way for a Realtor to tell on the MLS system if a home that is pending has what is called a contingency on the sale. When a buyer’s contract is contingent on the sale of their current home before they can purchase the new one, it shows only on our system. Under the provisions of a contingency, if another contract is presented and accepted, the first buyer has to either remove the contingency or cancel their contract.
As a Houston Realtor, I often encourage my clients to only consider homes that are active. This avoids the giving the false hope a home is available and helps concentrate the search on homes that are available. Under certain circumstances where inventory is extremely low, it might be necessary to pursue homes which have contingencies or an option pending. Once again, Har.com is the most accurate website and has the quickest data feed of updated or new information. While it might lack tools some of other sites boost to have, it is more important to have accurate information rather than unreleiable tools or inaccurate predictions. While Har.com is the best, a Realtor can add value to your search and your purchase by using the tools we have that make the process much easier for our clients.