Fannie Mae and Freddie Mac are offering special incentives to buyers if you buy one of their REOs as you primary homestead. In order to qualify for the incentives, you must be under contract no later than 7/31/2011 and close by9/30/2011 or 10/31/2011 as a general rule. Sorry, this is not for investors. There are existing inventory list in HomePath.com(Fannie) and HomeSteps.com(Freddie). Those incentives are are including: received up to 3.5% of the final sales price to be used for closing cost assistance!have the Up to 30% savings on new appliances and 2-Year HomeProtect Limited Home Warranty!
Listing status definitions / codes for Residential property
in The Houston Association of Realtors
Many times, after I send HAR / MSL CMA-Comparative Market Analysis or comps to my clients, I often get the questions about these status definitions, here I put them together for your future home selling / buying / searching...
The Houston Association of Realtors defines eight listing status codes for Residential property. They arelisted as follows:
------- Used for all currently active listings. Listings that have a signed purchase contract should NOT be classified as Active.
OP (Option Pending):
------ Listings that are under contract and the seller and buyer have agreed to use the “Termination Option” in paragraph 23 of the standard TREC
Contract, effective 1/1/03.
PS (Pending continue to Show):
-------Used for listings that is currently under contract but is still available to show.
------- Used for listings that are under contact and are No longer available to show.
------Used when a property has funded and closed.
------after the rental properties have leased out.
------ Used when a listing is temporarily taken off the market but a valid listing agreement still exists. (When seller likes to do some repairs; or when seller goes out of town for a vacation; or when seller has some family visitors…)
------ Used when the listing agreement between the Owner and the listing agent are terminated prior to the listing expiration date.
------Used when the contract between the owner and The selling agent ends, at an agreed upon date in The listing agreement.