What do “Take Backups” and Other Real Estate Terms Mean in Arkansas?
When you decide it is time to start searching for your home, there are many terms that you may not know. Whether it will be your first home, or a new home it is important that you understand the basics behind listing statuses.
A listing status will accompany any home for sale and states the current status of the home. You have likely seen these before as “Active”, “New Listing”, “Take Backups” and more. Real Estate lingo is not hard to master and working with a Real Estate Agent will make the process that much easier.
Lets explore the meaning of all the popular Arkansas real estate listing statuses
When an Arkansas house is in Active status, it means that the property is currently on the market and for sale. There may have been previous offers made on the property but none of them have been accepted. If you are looking for Arkansas homes for sale on our website, it is likely that most properties you will see will be in Active status.
NEW LISTING STATUS
The New Listing status identifies homes that are in Active status and have just hit the market. In Arkansas, homes are in New Listing status for 7 days. If during those seven days an offer is not made and accepted, the property will change to Active status on day 8.
BACK ON MARKET STATUS
Back On Market status denotes properties that were under contract but are now back up for sale. Life happens, sometimes people change their mind about a house or issues come up in financing or inspections. In the event that someone backs out of purchasing a property, that property would then be for sale, with the seller accepting offers and given the status Back On Market.
PRICE CHANGE STATUS
Okay, this one is pretty straight forward. Price change status identifies a property that has experienced a change in price. In Arkansas, properties are in this status for 7 days after their price change has been submitted to the MLS.
ESCAPE CLAUSE STATUS
When a property has an Escape Clause status, it means the property is under a binding contract with contingencies. The contingency most common is that the person who is trying to buy the house must sell and close on their current home before purchasing the new one. During the time that a property is in Escape Clause status, it can still be shown to other prospective buyers and the seller can choose to accept additional offers. The tricky part is that if a prospective buyer makes an offer on a property in Escape Clause status, the buyer is essentially in line for the property. The buyer who submitted the first offer on the property has a time limit of 24 hours to remove their conditions (the escape clause) and buy the house. If they can not do so, (for example, they have not yet sold their current house) then they give up their right to the house and the seller can accept the second offer.
TAKE BACKUPS STATUS
The Take Backups status means that a home is under contract. Unlike the Escape Clause, it does not imply that any contingencies are in place nor does it imply that the contract in place is likely to fall through. In Arkansas, you can still make an offer on a property with Take Backups status. Take Backups status means that the seller can still accept offers in the event that the current offer falls through.
If you’ve fallen in love with a home that is in Take Backups status, get in touch with me right away to explore your options for making an offer.
Knowing these status types are important during the home buying process. It is also important to receive accurate and up to date information in regards to the current status of a property. On Narkhomes.com, you can find homes for sale in cities all around Central Arkansas. And the best part of all, the listing statuses on this website updates from the Central Arkansas MLS every hour!
Frequently Asked Questions
Can you put an offer on a house that is in Take Backups status?
Yes, you sure can! In Arkansas, offers can still be accepted in Take Backups status and will be considered in the event that the current offer falls through.
Can a seller take another offer when the home is under contract?
They can but they do not have to. In Arkansas, the most common time that this happens is with homes in Escape Clause or Take Backups status.
Do you have to be pre-approved in order to make an offer on a house?
Technically, no you do not need to be pre-approved in order to make an offer. However, I highly recommend that all of my buyers have a pre-approval letter or proof of funds statement to submit with an offer. This makes your offer look legitimate and in an active market like Little Rock, it is pretty much essential. You need to make your offer look as great as possible to the seller to secure the deal. For more information about pre-approval check out the Home Buying Process.
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