When it comes to real estate, many people think a house is either available to purchase, or it is not.
On the MLS, however, there are several statuses: active status, show status, deposit status, closed, and more.
A real estate transaction is a significant decision for the buyer and the seller, involving many factors before the sale is completed. Since there are so many factors to consider, there are different listing statuses that explain where the property is in the transaction process.
Watch the one-minute video explaining the difference between show status and deposit status, then read on for more information:
Active status is clear-cut and straightforward. This means the home or property is for sale on the market and available for showings.
When a property is under show status, it means the sellers have accepted an offer. However, show status indicates there are outstanding contingencies that have not been met yet. This might include a financing contingency, inspection contingency, or sale of the buyer’s residence contingency (Hubbard Clause).
If there are contingencies on the property, sellers can choose to put their property on show status. Show status allows sellers to continue to show the house and take backup offers. In the case that a contingency is not met, the sellers are more prepared, especially if they have a backup offer.
Once all contingencies are met, and a deposit payment is made, the property goes under deposit status. In this stage, the home can no longer be shown to other parties, but it is before the sale is finalized.
Once a clear-to-close arrives, it means the property can be put under closed status. This means the sale is finalized and no longer on the market. Other statuses that indicate a home is not currently for sale include canceled, expired, and withdrawn listings.