If you`re in the market for a new home, you may have come across the phrase “house for sale active under contract.” This term can be confusing for some buyers, who may mistakenly think that the home is still available for purchase. However, understanding what “active under contract” means can help you make more informed decisions during your search.
Essentially, “active under contract” means that the home is currently under contract with a buyer, but the sale has not yet been completed. This can happen for a variety of reasons. For example, the buyer may need to secure financing or complete inspections before the sale can go through. In some cases, the buyer may even have a contingency in the contract that allows them to back out of the sale for certain reasons, such as discovering major defects in the home.
It`s important to note that just because a home is “active under contract” doesn`t necessarily mean that the sale will go through. There is always a chance that the buyer may back out, and in some cases, the seller may even terminate the contract. However, if you see a home listed as “active under contract,” it`s a good idea to move quickly if you`re interested in the property. The seller may still be open to receiving backup offers in case the current contract falls through.
So why do real estate agents list homes as “active under contract” instead of simply removing the listing altogether? For one thing, it allows the seller to continue to receive backup offers. Additionally, it can help the agent demonstrate their success in the market and show potential clients that they have a track record of selling homes quickly.
As a buyer, it can be frustrating to come across a home you love only to find out that it`s already under contract. However, understanding what “active under contract” means can help you navigate the market more effectively. If you`re working with a real estate agent, be sure to discuss your options for making backup offers or continuing to search for similar properties. With some patience and persistence, you`ll be sure to find the perfect home for your needs.
