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.”