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...Read More
“Turtles All the Way Down” (Also Known as “Infinite Regress”) As a faithful agent, I’ll always do what my principal — the client — instructs me to do. But, that doesn’t mean I necessarily endorse their chosen strategy. Two cases in point: 1) so-called “asterisk clause” offers, in which a Buyer in multiple offers promises...Read More
“I Know that Block!” Perhaps the key to what Realtors call a Contingent Offer (one where the would-be Buyer first has to sell their current home) is . . . surprise, surprise . . . the Buyer’s current home (referred to as “the backup home”). Specifically: –Where is it? –What kind of shape is it in?...Read More
Needing to brush up on “contingent sales” (when a Buyer agrees to buy a home contingent on selling their current one), I hit the Internet in search of useful insights the other night. Mostly, what I found was misleading or wholly inaccurate information. But, I did encounter this nugget: apparently, somewhere in California recently no...Read More
“Ready-to-Go, in Mint Condition, and Priced to Sell” “Lake Wobegon, where all the women are strong, all the men are good-looking, and all the children are above average.” –Garrison Keillor, A Prairie Home Companion What’s Lake Wobegon got to do with Contingent offers? (that is, an offer where the would-be Buyer of your client’s home must...Read More
“Lake Wobegon, where all the women are strong, all the men are good-looking, and all the children are above average.” –Garrison Keillor When Buyers make a Contingent Offer, what’s the contingency? Selling their current home — what Realtors call “the backup house.” For the record, I’ve never heard a Buyer’s agent characterize the backup home...Read More
