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Active Contingent and Active CAPA Revisited

July 17, 2008 | By Kelley Koehler | Filed Under Home Buying 

Previously, I had defined Active Contingent and Active CAPA for the Tucson MLS in this post.

There’s a small update to that.

Because of all of the short sales in Tucson, the Tucson MLS decided in March to make the following recommendation:

Effective immediately, the MLS Board of Directors recommends the following regarding Short Sales: Short Sales are to be reported as ‘Active CAPA’ if there is supporting language written into the Purchase Contract. If the language supporting ‘Active Capa’ is not present and written into the Purchase Contract, the status should be reported as ‘Active Contingent’. This is in addition to the statement ‘Short Sale, subject to court or lender approval’ being written into the Agent Only Remarks.

What that means:

If a home is listed as a short sale and the status is Active CAPA, then most likely, the Sellers have an offer in hand from a Buyer and are negotiating with the bank, but have not yet received an approval to sell the home at that price from the bank.

This can be a long waiting period: weeks, sometimes months.

Be aware though – most often in agent provided searches of the Tucson MLS system, Active CAPA listings are displayed alongside regular Active and Active Contingent listings.  The smart bet is to search on a site that will show you the status of the listings.

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