What Does It Mean For A House To Be Active Under Contract
Here are the majority of the reasons why a listing staus is under contract continue to show. Typically it takes 30-45 days from the date an offer is accepted until.
And the buyer is within the option period The option period is the time where the buyer can legally back out of the purchase of the house and the buyers earnest money is refunded.
What does it mean for a house to be active under contract. They can choose ACTIVE UNDER CONTRACT or PENDING. Days on Market DOM and Cumulative Days on market CDOM will continue to accumulate when a listing is in Active Under Contract status. When the transaction is complete the status of the home will show that the home has sold.
The seller s can continue to receive offers from other buyers during this period if they choose to. A home is considered to be under contract when a purchase agreement has been signed by both parties the buyer and seller. Ill explain what I mean by that in a moment below.
As with a contingent property a home that is active under contract is one where the buyer and the seller have agreed to terms but the deal is still in its early stages and may not come to fruition. If a homes status is active contingent it means that the buyer has submitted an offer to the seller with contingencies or issues that must be resolved before the sale of the property can be. If the Seller decides to choose ACTIVE UNDER CONTRACT they are continuing to allow other Buyers into the home in hopes to receive a backup offer.
Active under contract is a home sale status used in some areas to indicate that the buyer and seller have entered into a contract but there are still contingencies that need to be met before the sale is final. Basically a sale pending property is much closer to being sold than an under contract property. What does under contract mean in real estate.
But the two terms are generally used interchangeably. This term is primarily used in the State of California. In some areas an active option contract is called a contingency period or due diligence period.
When you see the active option contract status it indicates that the seller has accepted an offer but it falls within the option period. When a listing is in Active Under Contract that property is under contract but is still accepting showings and being actively marketed. The home is under contract and all contingencies have been removed that is the requirements met.
Compare Offers from Several Mortgage Lenders. The Active Option Contract status in Texas real estate means that the seller has accepted an offer on their property. ACTIVE UNDER CONTRACT U Active Under Contract should be used when an Offer is accepted and either 1 Seller requests that the property remain in an On-Market status and is looking for back-up offers or 2 the sale is subject to court or other third party approval.
Active under contract means the home is still listed in the MLS but a bid has been accepted. What does it mean when a house is under contract. So typically if a home is listed for sale and the status is ACTIVE UNDER CONTRACT it is still available to show and possible backup offers.
There are a few things you need to know if youre interested in a property thats active 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. The rules for updating MLS status vary but agents typically must.
The sale has not completed or closed yet so the home is technically still active but the seller doesnt have to accept any more bids. The under contract continue to show status allows the property to remain in the inventory of homes for sale even though there is a contract on the property. That means that the buyer has a specified number of days to have the property inspected.
You can tell the difference between Pending and Active Under Contract and you can decide whether to pursue one thats in the shakier status or not. Active Under Contract is a real estate term that indicates the status of real property single family home condo townhome etc that has been put up for sale wherein a seller has accepted an offer from a buyer but the deal has not yet closed. The property is now under contract.
On a case by case basis some Active Under Contract listings might be properties that youd want to inquire about further. Active Under Contract Means Theres a Written Offer. Each indicates that although under contract specific contingencies exist that allow you to treat the home as if it were active.
When a house is under contract it means your official offer has been accepted but the sale isnt yet final. That puts this term at about step 7 above. Under Contract means that the sellers have accepted an offer from a buyer but that the sale has not yet been completed.
