In our world, where 92% of buyers see their home online before ever walking in the front door, the MLS (Multiple Listing Service) is essential. A home posted for sale online is listed on this service. Sometimes, when perusing the MLS for homes, you’ll come across a home with one of these three statuses.
1-UC- UC means ‘under contract’ and means that while the home is still *technically* for sale, someone already has an offer accepted on that home and they aren’t accepting more offers.
2-Active T/C- This stands for time clause, which usually means that the potential buyer needs to sell their existing home before they can close on their new home. Sometimes the reason for using this clause is as simple as someone putting an offer on the home, but that offer is contingent on their mom seeing the home first, etc. So, if you’re looking for homes, it means this house is off the market, but there’s some chance that the contingency will fall through and the house will become available again.
3-Backup- This means that the home is under contract, but that the seller will entertain a backup offer in case their first offer cancels or falls through. Most buyers aren’t interested in doing a backup offer because of the uncertainty, but when you’re looking for a very specific home, this can sometimes be helpful.
Are there any real estate acronyms that you are confused about? Comment below and I’ll explain!