The real estate alphabet has 4 primary letter(s) home buyers come in contact with when searching for Spring Texas homes for sale. They are A, OP, P, and PS.
I will start by explaining what the letter A stands for in real estate because not only is it the first letter in the alphabet but it is also the easiest to understand. A is for Active.
A real estate listing with an A status is a home currently on the market and available for sale. The home is not under contract. A real estate listing stays in an Active status until it is either under contract or is taken off the market.
What confuses buyers and drives Spring Texas real estate agents crazy is when a home is listed as Active in our MLS system but the home is actually under contract. We typically run into this situation with foreclosure homes. The bank and the potential buyer have agreed upon the terms and a sales price but the buyers and the bank have not executed all of the banks addendums. Until the real estate contract and all of the addendums are executed by both parties the house is not officially under contract which is why the house remains in an Active status in our MLS system.
If the foreclosed house is not under contract which is why it still has an Active status then the bank should be willing to accept other offers. But the bank is unwilling to accept other offers because they have an accepted offer which in theory means the bank has the property under contract.
Since apparently rules do not always apply to the owners of foreclosed homes I recommend we develop a new status for foreclosed homes that are not Active and not under contract. Perhaps the status should be NA for Not Active. Until my recommendation is approved and implemented remember that unfortunately Active does not always mean Active and Available at least when it comes to foreclosed homes.