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I've seen the term "conditional" used as selling status on some local MLS ad's I have come across on realtor websites. I've never heard of that term in a listing and I don't know what it means. Is it local to the Charlotte market or have I just missed it in my previous locations?
I've seen the term "conditional" used as selling status on some local MLS ad's I have come across on realtor websites. I've never heard of that term in a listing and I don't know what it means. Is it local to the Charlotte market or have I just missed it in my previous locations?
Help?
conditional = the house is sold IF the buyer will sell his house in the next X days/months. If not, the seller can list his house again.
"Conditional Continue to Show" means that a listing is under contract with other contingencies or conditions. i.e., financing, cost of repairs, etc. The listing is available for showings and backup offers can be taken.
"Contingent Continue to Show" status is when a listing is under contract subject to the sale of the buyer’s property. Again, the listing is available for showings and backup offers can be taken.
I've come to just think of "conditional" as "there's more to this story then in this listing".
The worst part is that there is so much garbage in, you get the garbage out when searching listings. There's no real oversight over MLS data - I see so many mistakes and left out information it's very annoying when looking at a regional MLS. The data elements are all there - there's pretty much a field for everything... So why so many agents decide they don't need to fill out all the info (or worse not proof read their work) is well beyond me. One of my biggest pet peeves is not listing the schools.
Anyway... to the OP - it could mean lots of things.
It used to mean short sale or foreclosure, but I think the NC MLS recently changed it to mean "under contract". Everywhere else it means strings attached (as in short sale, loan approval, etc).
I agree w/you Mikey, the MLS is annoying. They probably do that so we will be forced to hire a "knowledgeable" Realtor.
Unless you like a lot of drama don't bother putting an offer on a house that has "conditional" on the listing. It either means someone else gets a say in accepting the offer or the seller has an offer they don't like and is fishing for other suckers to come along and up the ante.
These things used to be unheard of, but in these days of real estate become worth less as each day goes by, it's reared it's ugly head as part of the game.
I don't know jack about real estate really, except that I just bought a house. when I officially made an offer and it was going thru the process at the bank, the mls listing changed to conditional (and I was psyched!!). however, as people have mentioned on here, I did NOT own a house so I'm not sure it has to do with the buyer selling their house.
I've seen the term "conditional" used as selling status on some local MLS ad's I have come across on realtor websites. I've never heard of that term in a listing and I don't know what it means. Is it local to the Charlotte market or have I just missed it in my previous locations?
Help?
When a home goes under contract, it states conditional. It used to just say under contract but the NC MLS changed the rules.
It's just conditional because we have to go through the usual conditions before a home is officially sold (such as inspection, appraisal and loan condition).
"Conditional" can also mean a move by a real estate trader that might want to warehouse the house for a couple of weeks while he decides if the price he is offering was done in a drug induced state or is his accepted offer a "good deal". He just builds some "conditions" into the offer that will let him walk away without any loss of EMD if he so chooses.
When a home goes under contract, it states conditional. It used to just say under contract but the NC MLS changed the rules.
It's just conditional because we have to go through the usual conditions before a home is officially sold (such as inspection, appraisal and loan condition).
Thank you. This is correct.
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