Real estate what does active under contract mean

The standard closing period is 60 days, but this expands or contracts due to contingency issues. In most cases, the transaction is actually between 3 parties, not 2—the seller, the buyer, and the bank financing the loan. Discount Point. If it turns out the home is worth less than the loan amount, the lender is almost guaranteed to want out of the deal, leaving the buyer to either pony up the difference in cash or walk away. M Magnet School. Toggle navigation Main. Many times buyers ask me is it worth looking at AWC listings?

Paul Slaybaugh is a father, Realtor, writer, jiu jitsu enthusiast, and occasional flaunter of child labor laws. For properties that have an accepted contract and the seller has instructed the listing broker to keep marketing the property in effort to secure a backup contract, regardless of their ability to terminate the current contract. Homeowners Insurance. Twitter :. Financial Help Planning Transaction.

Under contract in real estate means the seller has accepted an offer. Active Under Contract is for properties that have an accepted contract and the seller has instructed their agent to keep marketing and showing the property in an effort to obtain a backup offer. City-Data Forum Message. Needs, Costs. All Rights Reserved.

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Privacy Terms Licensing. Negative Amortization Loan. L Lien. Definition of Under Contract 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. Some forums can only be seen by registered members. As you can see many things may go wrong.
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B Backup Offer. All rights reserved. On behalf of the industry, my apologies for rewarding your self-directed internet search for new construction in Scottsdale with a map of Pangaea. Since the sale may or may not go through to closing, agents often use this status to encourage back-up offers. Problems discovered during the inspection.
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Interest Rate. Listing Agent. Patent pending. Please sign in using your username and password. If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at
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Well, all these explanation make a lot more sense than what I had heard about no earnest money. Under contract in real estate means the seller has accepted an offer. 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. If you are the seller remember that the buyer put earnest money down on the house, and you have access to that if they walk away without cause. Real Estate News. Taryne Leahey. That is the G rated version.
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Click to Open Outline. That puts this term at about step 7, above. Location: Rochester, WA 7, posts, read 4,, times Reputation: If its pretty strong, it may be better not to get your hopes up and move on. Additional giveaways are planned. When in doubt, ask your real estate agent or reach out to the listing agent. Comments Hello, I came across your site by accident and how wonderful!
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Real estate what does active under contract mean:

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