As a professional, writing articles that are informative, engaging, and optimized for search engines is one of my key areas of expertise. In this article, we`ll be discussing a commonly used real estate term – “Active Under Contract.”
If you`re in the market for a new home or are a real estate agent, you may have come across the term “Active Under Contract” when browsing online listings. But what exactly does this term mean, and how does it affect your house-hunting process?
Firstly, it`s important to understand that “Active Under Contract” is a status that`s used to indicate that a property is currently under contract, but the sale has not yet been finalized. In other words, the seller has accepted an offer from a buyer, but the deal hasn`t yet closed.
So why would a listing still be considered “Active” if it`s already under contract? There are a few reasons for this. Firstly, it allows the property to remain visible to potential buyers who may still be interested in making an offer or backup offer if the initial deal falls through. Secondly, it can help the seller and their agent gauge interest in the property and potentially generate more offers.
It`s also worth noting that the “Active Under Contract” status can vary slightly depending on the market and the particular real estate website or listing service being used. Some sites may use different terminology, such as “Pending” or “Under Agreement,” to indicate a property that`s currently under contract.
So, what does all this mean for you as a buyer? If you come across a property that`s listed as “Active Under Contract,” it`s important to understand that there is already an accepted offer on the property. However, that doesn`t necessarily mean that the deal is set in stone. If you`re interested in the property, it may be worth submitting a backup offer in case the initial deal falls through.
In conclusion, “Active Under Contract” is a real estate status that`s used to indicate that a property is currently under contract but has not yet closed. It allows the property to remain visible to potential buyers and can help generate backup offers if the initial deal falls through. If you`re interested in a property listed as “Active Under Contract,” it may be worth submitting a backup offer in case the initial deal falls through.