вЂњWithdrawnвЂќ means the listing agreement is still in effect, but marketing has ceased and the listing is not available for showings. вЂњClosedвЂќ means the settlement has concluded or an agreement has been executed. In addition to the statuses mentioned, there are a few others you may run across. This alleviates some anxiety for the sellers and gives them a set amount of time to find their next home.вЂќ вЂњThis is used quite often in todayвЂ™s market because inventory is low, demand is high, and homes are being sold in a matter of days. вЂњIt could also be that there is an accepted offer, but the deal is subject to the seller finding a suitable property,вЂќ he said. IвЂ™ve worked a couple of deals this year where my buyers came in with strong offers, and because they didnвЂ™t have that contingency, they ended up getting the house.вЂќДЇox adds that there is another reason a property may be listed as вЂњcontingent.вЂќ вЂњThese are actually some of my favorite properties to show because we can perform quickly and with less risk. вЂњThis can be a great opportunity for a buyer who doesnвЂ™t have a home to sell,вЂќ said Silker. Contingent in other markets could also refer to any contingency вЂ“ inspection, financing or appraisal. If they donвЂ™t, the seller can move to the second offer. If another buyer submits a more competitive offer, the first right of refusal goes to the original buyer who has the opportunity to remove their contingency. When a home is under this status, showings can still take place.

вЂњContingentвЂќ is used when a property has an accepted offer, but itвЂ™s contingent upon the buyersвЂ™ ability to sell their current home. вЂњBut itвЂ™s also occasionally used earlier in the process if the seller has an accepted offer and, for whatever reason, has chosen not to allow additional showings or back-up offers.вЂќ вЂњTypically, this signals that the transaction is in the final stages awaiting the official closing,вЂќ he said. REALTORВ® Aaron Fox, broker/owner of Century 21 Looking Glass, says вЂњpendingвЂќ means the seller has an accepted offer and is no longer allowing showings or considering back-up offers. While there are nine statuses used in the Lansing area, the four that appear most often are: active, active back-up, pending, and contingent. If youвЂ™re looking past Portland into Ionia, thatвЂ™s the western board, and again, their terms may be a bit different.вЂќ вЂњIf youвЂ™re looking in the Marshall or Pinckney area, thatвЂ™s the Ann Arbor Area Board of REALTORSВ® and their statuses have different definitions than ours. вЂњThe listing statuses you see may have different nuances for each regionвЂ™s MLS,вЂќ said REALTORВ® Chris Silker, associate broker with Keller Williams Realty. While it may look like one large national database of home listings, the MLS is actually a suite of hundreds of regional databases. Whether you're looking to buy or sell, you will no doubt encounter the multiple listing service, or MLS. Some might say вЂњactive,вЂќ while others may be labeled as вЂњpendingвЂќ or вЂњcontingent.вЂќДЄll of this lingo can be a bit confusing, but understanding each term is critical for those on the house hunting journey.Д«efore we look at the different statuses, itвЂ™s important to explain where they originate. If youвЂ™re looking for a home online youвЂ™ll notice various statuses listed next to each property.

Real estate lingo