Feb 22, · 1) Keep the status as “Active” (Do not change the status to "Under Agreement") until a Purchase & Sales Agreement (P&S) is signed by both the buyer and the seller. 2) Before P&S is signed, continue to show the house to potential buyers. The goal is to have five backup buyers in line. Mar 01, · When you accept an offer on your house, the agent sometimes does change the status to "Under Agreement", even though it's not technically under agreement until the P & S is signed (I've seen this happen as a buyer). If you don't want that, just specify to .
With so many people searching for homes online it can be confusing when you see the same home listed on multiple sites but somehow they show a different status. In real estate, some of the terminology can be used interchangeably which can just add to the confusion. One real estate website may have a home listed as What does under agreement mean and then another may have it listed as Pending.
Leaving consumers questioning - What is going on with this home?? When a homeowner decides to sell their home and they list with a licensed real estate agent their home will be posted with the local MLS that the agent is apart of.
Now depending on how each website is set up the listing may display a different status in the below paragraphs. In Louisville, once a contract has been accepted the Seller has two choices on changing the status of their listing. The main difference is that the home is no longer available to show which drastically lowers the risk of a Seller receiving a backup offer.
Sometimes we have people ask about properties they may be interested in but unfortunately, they are already under contract. They keep an eye on the home for weeks, then ask if the home has closed or if there is a possibility it may be coming back on market. Typically, a transaction may take anywhere from days to close.
There can be a discrepancy in listings across so many different real estate sites. Most transactions will have some sort of contingency. Two common ones would be inspections and financing. However, the most common perception of contingent that comes to mind for people is that the current Buyers have to sell their current home in order to purchase this home. Surprisingly, there may only be a mention in the agent notes that there is a contingency contract in place and there is a 24 or 48 hour first right of refusal.
At this time we are experiencing a very strong sellers market. Homes what is bt wifi profile being sold within hours and sellers are receiving multiple offers. Buyers are competing against each other trying to be the winning offer. Once a seller has a contract on their home they may consider leaving the status of the listing as Active Under Contract.
This will allow other Buyers the opportunity to still View the home and may be able to submit a backup offer in hopes of being the next in line if the first offer happens to fall through. Sometimes you find yourself falling in love with a house that what are some things to do in houston texas already under contract.
Finding yourself tracking the home hoping to see if it fall through and come back on market. Typically the average length of a contract is between days. However, there are some instances where there will be extensions and even take 60 days to close.
Nathan Garrett is a local real estate agent in Louisville KY. Creator of the GarrettsRealty. Questions about buying or selling?
Send him an email: ngarrett garrettsrealty. Leading to why one of the most common questions people searching for homes ask What does Active Status mean? What does Active Under Contract mean? What does Pending status mean? What does Contingent mean? Can you make an offer on a house that is Active Under Contract? How long can a house be under contract? Print Share. Website optional.
What does Active Under Contract mean? In Louisville, once a contract has been accepted the Seller has two choices on changing the status of their listing. They can choose ACTIVE UNDER CONTRACT or PENDING. 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. When a home is active 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. When the transaction is complete, the status of the home will show that it has sold. While the property is still under contract, all contingencies must be met before the sale is finalized. Feb 17, · 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. Sale pending vs. under contract The trickiest part about understanding the difference between sale pending and under contract is that the terminology and meaning tend to vary from region to region.
When a home is active 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. When the transaction is complete, the status of the home will show that it has sold.
While the property is still under contract, all contingencies must be met before the sale is finalized. That may mean the buyer must secure financing, the home inspection still needs to be completed to confirm the property is free of serious defects, or other conditions that still need to be met in order for the sale to be finalized.
Real estate contracts outline many conditions that must be met by both the buyer and seller. If either party fails to meet one of these conditions, the contract is breached and one party may back out of the sale. When a property is pending, that means that all of the contingencies are removed, requirements are met, and the home is about to close.
Basically, a pending property is much closer to being sold than an under contract property. Most properties that are under contract are considered off the market, but the buyer has a specified period of time to fulfill their obligations. During this time, properties continue to be marketed but maintain the active under contract status until the sale is finalized, or the transaction is cancelled.
During this time, the seller may be willing to accept backup offers. A backup offer with especially favorable terms, such as a generous offer or waiving certain contingencies. Many things can go wrong during the under contract period and a fair number of homes will go back on the market. A backup offer is when a home seller has accepted an offer from a buyer, but is still accepting offers from other buyers. Sellers state that they are accepting backup offers if they think the current offer may fall through.
If you've fallen in love with a home that is under contract, you should get in touch with a Redfin real estate agent right away to explore your options for making an offer.
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