The real estate industry like other industries has its fair share of abbreviations. And I would have to say that I am just as guilty as the next Spring Texas Realtor in using real estate abbreviations in my correspondence. I throw them around assuming that everyone knows exactly what they mean.
So what does MLS, CMA, LP, SP, DOM, A, OP, P, PS mean?
MLS – Multiple Listing Service: A database that contains information on property listings. In the listing agreement it will identify whether the broker will or will NOT file the listing with a MLS. The local MLS for an area typically has the most comprehensive database of listings.
CMA – Comparative Market Analysis: An impartial evaluation of market activity and is used to estimate the potential selling price of a Spring Texas home.
LP – List Price: The dollar figure at which the property is listed for sale.
SP – Sales Price: The dollar figure at which the parties to the transaction have agreed to sale the property.
DOM – Days On Market: The quantity of days the property has been listed for sale. The DOM stops at the time the property goes under contract.
A – Active: The property is currently for sale. It is NOT under contract. Its one of several classifications of status of a listing with some of the others being OP, P, PS, S, W, T and X. A property is still considering Active when negotiations for its sale are taking place.
OP – Option Pending: The property is under contract. It may or may NOT return to an Active status.
P – Pending: The property is under contract. It has progressed pass the OP status. The real estate transaction is in the process of being completed and closed.
PS – Pending continue to Show: The property is under contract. It has progressed pass the OP status. It is in the process of being completed but it has a contingency that needs to be removed before the property can close.
Next time your Spring Texas Realtor throws an abbreviation around, just ask them to slow down and provide you with its full word and meaning.