Have you ever spotted a dream home listed as “For Sale,” only to discover it’s no longer available? It happens! This guide explains the different statuses you might encounter and what they mean for you:
1. For Sale: This signals the property is fully available. However, a recent offer might be under consideration. To avoid heartbreak, always contact the agent to confirm its availability.
2. Reserved, Under Contract, Sale Pending, Sale Under Offer: These terms all mean the same thing – a reservation deposit has been paid, and legal checks are underway. The property is essentially off the market, but the sale isn’t final yet. These listings could potentially come back on the market if the deal falls through. On the buyer’s side, reasons for a sale not completing may be that financing fell through, cold feet, buyer’s remorse, or inability to sell their own home. For sellers, reasons can include emotional attachment, inability to find a replacement home, or change in family situation.
3. Withdrawn from the Market or Temporarily off the Market: If you see one of these labels, it means that it’s no longer actively being shown or sold by the seller. While it might still appear on some online listings for a while, it’s officially unavailable for purchase for the time being. It doesn’t necessarily mean the seller has given up on selling entirely. They might re-list the property later after addressing the reason for withdrawal.
4. SOLD: Congratulations, the deal is sealed! While the property is officially off the market and the lucky new owner is celebrating, expect to see it lingering online for about 6 weeks. Why? It’s not to tease you further (although, apologies if it does!). Instead, it serves a practical purpose – transparency. Here’s how:
- Reassurance for past lookers: It lets previously interested parties know the offer went through successfully.
- Data tracking: Keeping the listing active helps track market trends and buyer behaviour, valuable information for estate agents and potential future sellers.
So, seeing a “SOLD” listing online doesn’t mean a second chance. But fear not, there are plenty of other amazing Paphos homes waiting to be discovered!
Remember:
- “For Sale” doesn’t always guarantee immediate availability. Double-check with the agent!
- Reserved/Under Contract means the property is off the market, but not yet sold.
- “SOLD” is the final hurrah! Even though it’s gone, you may still see it online for a while.
Have questions or spotted your dream home in Paphos? Contact Cyprus101 for expert guidance and smooth sailing throughout your property search!
