What does terminated/canceled mean exactly?

Asked by Jaime, Big Bear Lake, CA Tue Apr 7, 2009

We were recently looking at a house that was a short sale, decided not to do it because we heard it took sometimes up to 6 months. Now we have decided maybe we do want it, it is a really good deal. Now it says terminated/canceled and in the catagory it says resale. It has been on the market since 2006. I am wondering what does it mean. Has the bank taken it? or do you think they caught up on the payments and took it off the market?

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Jalbornoz, Agent, Hollywood, FL
Wed Dec 2, 2015
I understand that termination and cancellation can be different and can have different legal implications for the broker under the listing agreement contract. A cancellation may mean that there is a breach of the agreement while termination may mean that both or one party decided to end the contract earlier and there was no breach.
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Tina Schmitt, Agent, Big Bear Lake, CA
Mon Aug 6, 2012
terminted means the propety is no longer listed and cancelled is the very same. With short sales terminations or cancellations they often are no longer avaialble because the bank foreclosed or the seller may have refinanced the home and is keeping it. Yea for the seller. We want people to be able to keep their hones and there are plenty of other homes for sale without being a short sale that are very competitive in pricing.
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Theresa Bens…, , Santa Clarita, CA
Wed Apr 8, 2009
The home owner may have put this property on the market while at the same time try to get a new loan modification and the home loan was recapitalized by the lender with new terms for the homeowner. Loan modifications can take months to be completed by the lender. The 92314 zip code area of Big Bear lake are primarly owner occupied home and not vacation homes.

Are you looking for a full time home or vacation home?
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Steve Hirsch…, Agent, Big Bear Lake, CA
Tue Apr 7, 2009
In addition to Tyler's response, I would add:
The seller may have negotiated a better mortgage payment with the bank and decided to keep the home. Currently many home owners are getting their mortgages adjusted through their lender to meet their ability to pay.
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The Tim Wood…, Agent, Big Bear Lake, CA
Tue Apr 7, 2009
Hello Jamie,

Thanks for the question.

Canceled or terminated for the Big Bear MLS means the property is no longer on the market for sale. As to what has happen exactly to that property, would need to know more info (MLS # or something). There are many things that could have happen to it - sold, back to the bank, owned took it off the market, listed with another agent and so on.
Web Reference:  http://thebigbearskinny.com
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