FAQ: What is difference between active under contract and pending?
Active Under Contract vs Pending When a property is listed as “active under a contract,” there are conditions/contingencies that must be met before the deal can close. However, when a property is listed as “pending,” all the contingencies have been met and the deal is on the road to being finalized.
Can you make an offer on a house that is active under contract?
If a house is under contract, can I still make an offer? Yes, you may make an offer. However, the seller cannot accept your offer unless there is a breach of the current contract to which they are a party.
Is pending the same as under contract?
UNDER CONTRACT – indicates a property where an offer has been written and accepted by both parties. Many things can go awry during the under contract period and a fair number of homes will come back on the market. PENDING – means that all of the above have been satisfied.
What is the difference between pending and active?
The key difference between active under contract and pending is the seller’s choice. With pending, the seller has said that they are comfortable with the contract, and no longer want to show and market the home. This property may still have normal contractual conditions (i.e. inspections, financing, etc.).
Can a seller accept another offer while under contract?
A seller cannot accept another offer if the listing became “in-contract.” A home is “in-contract” after the buyer and the seller have signed the contract. The buyer needs to pay the downpayment at the time of signing.
Can a realtor show a house that is pending?
Realtors can continue to show a house that is pending. If this is the case, sellers will allow the Realtor or real estate agent to show the property during closing. Due to the many reasons a pending sale can fall through, it is not uncommon for sellers to continue to show the property.
Can a seller back out of a pending sale?
To put it simply, a seller can back out at any point if contingencies outlined in the home purchase agreement are not met. These agreements are legally binding contracts, which is why backing out of them can be complicated, and something that most people want to avoid.
What does active mean on Zillow?
Active. This means that a property is currently on the market and available for sale. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal.
What does it mean when a house is active under contract?
What does active under contract mean? This means that the buyer has made a formal offer on the property, and the seller has accepted it. The point of this period is for the buyer to conduct all of their due diligence, for the appraisal to be completed, and for the formal loan approval to be obtained.
What does active wo mean?
Active with Offer is when there is an accepted offer, but the seller is seeking backup offers in case the buyer falls through. The seller is still showing the property and taking secondary offers.
What does active and pending status mean?
“Active” means a property is for sale, and the seller is seeking offers. “Pending” means the property is still technically for sale, but someone has made an offer. The transaction is considered pending until the buyer actually closes escrow.
Can you outbid a pending offer?
Do not try to outbid the current pending sale; as stated above, this is a no-win situation. Simply bid what you would have bid on the property anyway considering the home value, the location, and the botional tie that you may have to the house.
Can a buyer back out of an accepted offer?
As long as the buyer has not signed a purchase contract and handed over the contract deposit, the deal is considered to be in the accepted offer stage, and a buyer is free to back out at any point of the accepted offer stage.
Can a Realtor tell you what other offers are?
A: With your written permission, the Realtor should be able to tell each purchaser about the other offer. Your Realtor is to be obedient as long as it is within the scope of the law.