Pending Vs Active
-Active homes are ones that are currently being marketed for sale. Pending means that the owner has accepted an offer for their home and has gone under contract. These homes are not yet sold, but many times are no longer being marketed. It is possible that a home under contract becomes active again. You can set up a search for a specific address which will alert you if this occurs.
Foreclosed vs Bank Owned
-Foreclosed homes have been taken back by the bank and are in the process of being set up to market. Banks are notoriously hard to get information from about homes that they are holding in foreclosure. Once the home is ready to be sold, it will be posted in the MLS as a bank owned or REO listing. These can be auctioned, but are mainly sold as regular homes. Now that the economy is stable, REO properties rarely are sold for much less than market value.
-If a homeowner owes more to their lender than the home is worth, and they do not want to have the lender foreclose on the property, they may try to “short sell” their home. This is a process where they will market the home for as much as possible and the as the bank if they will allow the sale for that amount. The bank may allow the sale and defer the balance or may require the homeowner to pay the difference over time as a promissory note. Usually the bank does not accept the first offer, but will counter with the acceptable amount. A Realtor should be able to determine where in the process a listing is. However, these sales can usually take months to years to come to fruition.
-Homes offered for sale by the government Housing & Urban Development are foreclosed homes that were backed by Fannie Mae & Freddie Mac government lending sources. HUD always has the intention of selling these homes to individual homeowners who will occupy them. They allow a period, usually 15 days, where only these individuals can make an offer, prior to opening up the market to investors. These homes are many times in a distressed condition which may not pass basic habitability standards that would require some modification after the sale. The Federal Housing Administration offers loans (203k) which can be used to make these modifications.
ADOM / CDOM
-ADOM is the Actual Days on Market for the current listing agent. CDOM is the Cumulative consecutive Days on Markets for all agents who have listed the home currently and in the past.
RVM/AVM & Zestimates
-These are all estimates of a home’s value based upon public data and comparing similar homes recently sold within a specific geography. The AVM is an Average Value Model which estimates a home’s value where there is only a limited amount of data available (usually sales data & sqft). The RVM is similar, but where very specific data is published about a home, including municipal data, like closed permits, that would indicate specific upgrades made to the home. The Zestimate is Zillow corporation’s proprietary estimation tool. It takes into consideration public data and bases estimates upon data contained within their system. This estimate seems to be much more accurate in areas of homogeneous homes of the same age and size than in very diverse areas.
-Price per square foot is the total price divided by the total square feet of the home. This is a measurement used to compare sales prices of homes.