Tucson Pending Contracts
August 21, 2007
Post Tags: active-capa , active-contingent , BINSR , mls_statistics , purchase_contract , Tucson-pending-contracts , tucson_mls
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Pending Contracts is a category reported each month in the Tucson MLS Statistics Report. From what I read on other blogs and web sites there seems to be some confusion flying around about Pending Contracts as reported in the Tucson MLS Statistics Report and the status know as a “Pending Contract”.
Here is the current breakdown from the July 2007 summary report on the last page of the Tucson MLS Statistics Report.
Before we get to Pending Contract reporting let’s clear up some confusion regarding a couple of terms which often show up in reports and on MLS Listings.
Active Capa
The confusion comes because of the words Capa and Contingent. Active Capa means the offer on the property is contingent upon the sale and close of escrow of a property the buyer currently owns. There is only one issue with Active Capa = contingent on the sale (close of escrow) of a buyer’s property.
The definition of the Status of Active Capa
Active Capa: Can Accept Purchase Agreement: Listing is under a mutually accepted contract, but is to remain active. Seller reserves the right to accept a replacement offer as defined in the purchase contract.
If a listing is Active Capa and another offer is received the Buyer has 5 days to remove the contingency. If the buyer can NOT remove the contingency the Seller is allowed to accept the replacement offer and continue with the new buyer, thereby voiding the first contract.
Active Contingent
Active contingent has no contingencies. The seller has an accepted contract with a buyer. The contract has entered the inspection period. Once the inspection period is completed and both parties have signed the BINSR (Buyers Inspection Notice Sellers Response) the Contract status Changes to Pending Contract.
The definition of Status Active Contingent:
Active Contingent: Listing is under a mutually accepted contract which contains one or more contingencies, but is to remain active. Upon removal of all contingencies sale shall then be reported Pending.
The definition of Status Pending:
Pending: Listing is under a mutually accepted contract and no longer available, but has not yet closed escrow.
Now let’s turn our attention to the report and Pending Contracts and see what pollen information we find.
The reporting of Pending Contracts each month by the Tucson MLS contains all Active Capa, Active Contingent and Pending contracts. This is one of the reasons there are never as many closed contracts in the following month as reported in the previous month as pending.
- It is possible for Active Capa to continue in that status for a number of weeks or months while the buyer is selling their home.
- It is possible the home fell out of contract during the inspection period.
- It is possible the Close of Escrow date is set to a period longer than 30 days. The result being the contract can go Pending in July but not close until September, October or later. Depending on the terms of the contract.
If number 1 or 3 is the situation the same contract will be reported as Pending until Close of Escrow when it will become a Closed Sale (Sold).
In the report above there are:
- 780 properties Active Contingent (In the inspection period)
- 49 properties Active Capa (waiting for a buyer to sell their home)
- 948 properties Pending (waiting for close of escrow)
Total Pending Contracts reported: 1,777
Total Active Listings reported: 8,692
Total Inventory reported: 10,469
Total Sold reported: 1,098
There you have it, Pending Contracts Reported, Active Capa, Active Contingent, Total Sold, Total Inventory Status Pending.
August 21st, 2007 at 5:10 pm
How come TARMLS doesn’t show pending status to the general public…?
August 21st, 2007 at 5:28 pm
I’m only venturing a guess here, but I think the reasoning goes that once a property goes Pending there is no longer any public information about this property from the MLS since it is no longer being offered for sale.
Once a property is no longer active it comes off all the idx feeds and is no longer displayed on sites like Trulia, or Realtor.com
This is my best guess.
August 21st, 2007 at 6:12 pm
So, does that mean these properties no longer show up on TARMLS or you just can’t tell the difference between contingent and pending?
August 21st, 2007 at 7:44 pm
In the public searches you can see:
Active
Active Contingent
Active Capa
That’s all, no Pendings or Closed Sales
August 21st, 2007 at 8:22 pm
Well, I certainly know what I can see in the public searches. There’s been a bit of broken communication. My question was if some of the contingents in the public searches are actually pendings or they’re gone altogether. Anyway, it’s not important.
August 21st, 2007 at 9:53 pm
Concerned, yes there is broken communication. I don’t know what you mean my “if some of the contingents in public searches are actually pending”
They can’t be contingents and pending at the same time. They are either contingent or all contingencies have been removed and they are pending.
But there is no such thing as a pending contingent or a contingent pending.
Only in the MLS reporting are the Pending contracts, but a status of Pending means all contingencies are removed and the property is no longer visible.
I’m sure if you are asking there are others that are also but won’t write. : )
August 22nd, 2007 at 5:48 pm
They can’t be contingents and pending at the same time. They are either contingent or all contingencies have been removed and they are pending.
That makes it clear, Dave. Since the info for agents and the general public obviously isn’t the same, I wasn’t sure.
August 22nd, 2007 at 6:01 pm
Concerned,
I’ve been getting a lot of traffic from the search engines today from people wanting to know what Pending, Active Capa and Active Contingent mean.
There are a lot of people that see these terms and have no clear definition. Actually I had no idea when I wrote this post there were so many wondering about these terms.
May 12th, 2008 at 7:05 pm
Hi there,
I am really confused. We are first time home buyers. A few weeks ago we went to Marana and found the house we wanted and decided to put an offer in on it. Get a call on our way back home letting us know that there was a full priced offer already. We slept on it and decided to pull our offer. The listings (there were 2 actually only one we put an offer on) that we were interested in are now showing as Active Capa. So what should we do? Put in an offer again? We have no home to sell and are ready to move in ASAP! I seem to be getting conflicting info everywhere I turn.
Thanks.
May 12th, 2008 at 8:08 pm
Tia,
Active CAPA means the seller has accepted an offer contingent on the buyer selling or closing on a property. You can bring an offer to the seller and if they like your offer, they can give written notice to the current buyer that they have an offer and that the buyer needs to either remove their contingency and proceed to closing or cancel their contract. If the buyer removes the contingency, then it would go Active Contingent and you could remain as a backup offer only in case something goes wrong and the deal cannot close. If the current buyer cancels because they cannot remove their contingency, then once the escrow is canceled, you will be moved into first position and you can open escrow and become the new buyer for that property.
I hope this helps. If you are represented by another agent, we cannot help you. Please contact your agent they can answer these questions for you in more detail. If you are not represented by an agent and have further questions then please feel free to contact us.
May 18th, 2008 at 4:30 pm
Hi
We are first time home buyers and put a bid in on a short sale home. From what I have read, it should say active contingent but it says active capa. Any thoughts as to why it is listed as capa since we have no home to sell?
May 18th, 2008 at 4:57 pm
Adreana,
When you say you put a bid in, does that mean you made an offer and are waiting for a response or you have an accepted offer from the seller and bank?
May 18th, 2008 at 6:48 pm
We put in an offer to the seller, they accepted and we are waiting for seller’s bank acceptance.
May 18th, 2008 at 8:09 pm
Adreana,
Then you are correct, it should be active contingent.
May 18th, 2008 at 8:18 pm
thank you for your help