The ABP’s of Mission Viejo Homes for Sale
What are the ABP’s of Mission Viejo Real Estate?
The Mission Viejo Real Estate Market is an open book these days. With countless web sites providing access to home listing information, there are a couple of things you need to know as an OC Home Buyer. The primary source for all OC homes for sale is the So Cal MLS – the Southern California Multiple Listing Service. This is the Big Kahuna of Real Estate information and the guy who feeds all the other web sites. So when you plug in a search on your favorite site, the info is coming from the MLS. But here’s the insider 411 – most sites mask the exact status of the homes they show you. Much like Batman, the Lone Ranger, and the Phantom of the Opera are masked, the true specific status will be hidden from you. So you need to know that even though you see 30 homes that meet your search criteria, only some of these will be available for you to buy. The rest are lumped into a category I like to call “Mission Viejo homes not currently available to be bought by you.” Here’s what this means.
- The So Cal MLS says that listings with a status of ‘A’ which stands for Active and available for you to fall in love with and negotiate to purchase. So far so good, right? Exactly what you what to see when you’re shopping for homes in Orange County.
- The So Cal MLS also says listings with a status of ‘B’ which stands for accepting Back Up Offers, since we are already in escrow with a qualified and capable buyer and this home is not available to be purchased by you, is also active and hence will be delivered to you for consideration in your search results. This is just an illusion of a home you can buy, since the only way you can actually purchase a home in Back Up status is if you put in an offer that you successfully negotiate, and the existing buyer cancels for some reason. Of course, then you’ll need to know the exact reason they cancelled so you don’t walk into the land mine that they discovered and walked away from.
- Once all the buyers’ contingencies have been removed, the listing is typically changed to ‘P’ for Pending. Meaning the close of escrow is imminent and if the buyer backs out now it will cost them big bucks. The So Cal MLS does not consider listings in Pending status as active and hence no they do not appear in the search results on most web sites.
The moral of this story is: Know your ABP’s when it comes to shopping for homes in Mission Viejo and all of Orange County. Save yourself some time and frustration. FYI – the best way unmask the status of homes you may be interested in is to get a Listingbook Account. See the real status just like the Realtors do. Give me a call, text me or email me and I’ll hook you right up. Or fill out the form below.
I’m Leslie Eskildsen, just keeping it real in Orange County Real Estate.