Real estate what does active under contract mean
Go to Page Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. Piney Creek. There's a house for sale near me that's listed as being "Active Under Contract.
What Does Active Under Contract Mean in Real Estate?
Go to Page Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. Piney Creek. There's a house for sale near me that's listed as being "Active Under Contract. Is this right? It's hearsay, so thought I'd ask the experts. How does that work? Does the house literally remain active right up until the closing date? Meaning someone could make an offer an hour before the closing and possibly buy the house?
What are the reasons for doing this? No thoughts from any of the realtors out there as to what this sort of transaction entails? It's possible I have some detail incorrect, such as no earnest money. If that's the case, ignore the details and simply comment on how an "Active Under Contract" sale works. North Beach Person. Not an agent but here it's listed as "Offer Pending" which is code for "buyers may not get financing so submit a back up offer".
That might be what you're seeing. It depends on the rules of the local MLS. It probably means that there are contingencies yet to be met. Until they are met, the seller can continue to market the property and take back up offers.
Again, depending on the MLS, the backup might stay a backup until the primary contract runs its course or it could be that the primary has to waive their contingencies if a backup contract comes along or else get out of the way.
There are other possibilities, too. Diana Holbrook. Terms vary in other parts of the country. It's really hard to say what it means exactly. Around here If it's under contract, that usually means it's under contract. It means they can't sell it to anyone else unless that buyer defaults on the contract. They can take backups I can't imagine a scenario with some sort of half-commitment no earnest money shenanigans but I've been surprised before by how different the process is in other parts.
Out here Active Under Contract means that there is an accepted offer contingent on inspections, appraisals, etc, but the seller will still take showings and accept backup offers. So that is the active part. Active means can be shown. If a seller doesn't want to show the property any more we shift it to pending status which means it can't be shown anymore.
Out here AUC has nothing to do with earnest money. Originally Posted by Silverfall. Well, all these explanation make a lot more sense than what I had heard about no earnest money. I couldn't quite believe a seller would be willing to accept such a deal. But hey, that's what you get for listening to hearsay, LOL. I guess it makes sense that such things vary from place to place, and I can ask one of our local realtors how it all works around here the next time I run into one.
It does seem like a strange way to go. As someone else pointed out, what buyer is going to want to waste time making a backup bid on a place that's under contract? It's not like the property is that special. Right, It's just not usually worth the energy to look at places that are under contract.
We keep an eye on them Please register to post and access all features of our very popular forum. It is free and quick. Additional giveaways are planned. Detailed information about all U. Posting Quick Reply - Please Wait. Search this Thread Advanced Search. Similar Threads House under contract - why does listing agent still show an active listing? Follow City-Data. Twitter :. User Name. Remember Me. Advanced Search. View detailed profile Advanced or search site with.
Page 1 of 3. Location: Williamsburg, VA 3, posts, read 1,, times Reputation: Advertisements There's a house for sale near me that's listed as being "Active Under Contract. Location: Rochester, WA 7, posts, read 4,, times Reputation: Location: Salem, OR 14, posts, read 34,, times Reputation: Quote: Originally Posted by Silverfall Out here Active Under Contract means that there is an accepted offer contingent on inspections, appraisals, etc, but the seller will still take showings and accept backup offers.
Location: Round Rock, Texas 11, posts, read 11,, times Reputation: City-Data Forum Message. Cancel Changes. Quick Reply.
But it's easy to see why it does not appear to be worth the effort. So it turns out, wiacek.com.au: "For Sale - Active Under Contract." MBC: "Active. If there are bids, then the seller has yet to accept one yet. Active under contract means the home is still listed in the MLS, but a bid has been.
What does this mean? Is it available or not? When you are searching for a home either via an MLS feed that your Realtor has set up for you, or on a website like Realtor.
A home is under contract when a buyer has made an offer on a home and the seller has accepted, but the sale has not closed. In order for a home to close and no longer be "under contract," all contingencies must be satisfied or waived inspection, financing.
Track my home. Q: What does the term "Active with Contract" mean in a listing? A: Active with Contract means the buyers has a contract to purchase on the property.
Active Under Contract vs. Pending Status: What You Need to Know
Please sign in using your username and password. In January, MARIS consolidated listing statuses and revised definitions, due to the emerging need across our market area. Since that time, we have monitored usage trends, and have identified an opportunity to further clarify the active under contract and pending definitions. These definitions are meant to create a high-level understanding across multiple markets and contracts. The Simple Truth.
Sale Pending Vs. Under Contract: What’s the Difference?
Potential buyers can come see the home and decide if they would like to put a bid on it. If there are bids, then the seller has yet to accept one yet. Active under contract means the home is still listed in the MLS, but a bid has been accepted. Compare Offers from Several Mortgage Lenders. If a buyer makes a written offer and the seller accepts it , the home is active under contract. This is how the listing will show in the MLS. This lets other realtors know that the home is under contract and has the potential to be taken off the market. The written offer is a contract between the buyer and the seller.
Under contract in real estate means the seller has accepted an offer. This becomes a legally binding agreement.
What does it mean when a house is under contract? When a home is under contract it means that a buyer has made an offer on the home and the seller has accepted but the sale is not yet final.
Under Contract in Real Estate: Showing, Pending, Fall Through
There is little more frustrating to the do-it-yourself consumer than outdated data. Like punching in the street address to the nearest Starbucks and being warned that there be dragons beyond the intersection of Hayden and Shea. A modern expedition requires modern cartography. All too often, an online home shopper comes across that perfect home that is everything he or she has ever wanted in a house … or rather, it would be if it were actually available. During this time, the seller can market the home for backup offers if he or she so desires. By essentially keeping the home in active status, but disclosing the presence of an existing contract, a seller does exactly that. In essence, the seller and listing agent are telling the Real Estate community to cease showing the home and that backup offers are not being solicited at this point. With those two primary options serving as the choices for listing agents and their clients, you can imagine why many opt to go with the former. With the challenges buyers face in obtaining financing, in addition to typical inspection and appraisal concerns, some consider keeping the home available for possible backup offers the biggest no-brainer since all-you-can-eat ribs. While some industrious types might theoretically thrive on creating such confusion to create their own clarifying need, most of us are just as annoyed by the data disconnect as you are. So there you go. Every home you come across online is available to purchase.
Search gaar.com
So what do those mean, exactly, and do you still have a chance with the house of your dreams? In most cases, the transaction is actually between 3 parties, not 2—the seller, the buyer, and the bank financing the loan. All 3 need to be satisfied with the deal before it moves forward. Keep in mind that this is a fairly simplistic version of events. There will also be things like title searches and settlement agreements to go over, and securing financing is a fairly involved process all on its own.
