Frequently Asked Questions
NOTE:The following information is meant for the viewer’s general use.
You are advised to consult with a professional Realtor, an attorney, or the Tahoe Donner Homeowners Association for further clarification of these answers and how they may affect your individual situation.
Question: What does "Defensible Space Signify?
Answer:
Defensible space is mandated by the fire dept and the TD forestry dept. It is basically removing ground & ladder fuel from the menu for fires. If a seller gets a notice to have his property cleared prior to selling, he is required to do it. If the notice doesn't go out until after it sells, the new owner has to comply.
Question: I see special terms used to define the "Status" and "Sub Status" of real estate listings - what do these mean?
Answer:
The current availability of listings is defined by the Status and Sub Status
Status shows the current position of the listing in the sales process and indicates its availability.
Sub Status indicates the type of listing and serves to set the procedures for submitting offers.
Status "Active" – Sub Status "Standard" indicates the property is available for purchase and is listed for sale by the owner. The acceptance of an offer is subject to the owner’s discretion; there may be offers that have been submitted and are being considered but they have not been accepted by the owner.
Status "Active" – Sub Status "REO" is used when the mortgage holder has completed foreclosure proceedings and has listed the property for sale.
Status "Active – Sub Status "Short Sale" is when the owner wants to sell the property but realizes the mortgage is more than the estimated price they would receive. There is no requirement for the seller to consult with the mortgage holder on the listing price nor to obtain the mortgage holders permission for a short sale pior to listing - although a seller would be wise to consult with the mortgage holder prior to listing, it might speed things up when offers are submitted.
Status "Contingent" indicates an offer has been submitted by the buyer and accepted by the seller. At this stage escrow is opened with the offer being “Contingent” upon the agreement of both the buyer & seller about the many important items of the sale process, such as the buyers & sellers coming to agreement on the acceptance of inspections and resolution of repairs,
the buyers acceptance of the sellers and Realtors disclosures, and completed arrangements for financing.
Status "Active-Contingent" is a status for "Short Sale" listings and is required by lenders. It indicates an offer (or offers) have been submitted to the lender for their consideration with the sale being "Contingent" upon the lenders acceptance of the offer. Once the offer is accepted the status is changed to "Contingent" and the property goes into escrow.
Status "Pending" – Indicates all contingencies have been satisfied and removed and, once the funding is complete; the property is ready to be transferred to the buyer.
Question: Why does it seem like "Short Sales" take so long to move from "Active-Contingent" to "Contingent"?
Typically in a "Short Sale" situation the seller does not work with the mortgage holder to establish an asking price at the time they place a home on the market. Instead, when an offer is submitted, the mortgage holder becomes involved and must determine an acceptable based upon they want need to net.
The mortgage holder must work backward from the submitted price, factoring in commissions and other anticipated expenses, to find an acceptable price that will provide them the return they expect. The buyer can either agree to that price or withdraw the offer.
This is a major reason why short sales frequently take so long to move from "Active-Contingent" to "Contingent" compared to "REO" listings, in which case the bank is involved with setting the price at the time of listing, or in "Standard" listings where the seller and listing agent set the price at the time of the listing.
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