Real Estate Acronyms 101

Thrown by an unfamiliar acronym, I just got off the phone with Northstar MLS, who helpfully cleared things up.

It turns out that “C-SOAP” stands for “Contingent on the Sale of Another Property.”

The status isn’t new, just the acronym (in the last month, in fact).

MLS Status

So, “C-SOAP” refers to a home that is sold, subject to the Buyer being able to sell their current home (what Realtors call the “backup” property).

The typical Contingency gives the Buyer 60-90 days to do that, during which time the Seller can call the Contingency by giving proper notice to the Buyer (usually, to accept a non-contingent offer from another Buyer).

P.S.:  If you’ve got either young kids or a long-coated dog (I have both), “see SOAP” conjures up a very different image.  🙂

See also, “Daisy Chains, Dominoes, & Contingent Offers“; “Contingent Offers:  Getting (Very) Comfortable with the Backup Home“; “Compensating for a Buyer Contingency“; and “Lake Wobegone and Contingent Offers.”

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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