If you`re in the process of buying or selling a property, you may come across the term „active with contract” or „AWC” in the real estate listings. This term can cause some confusion for those who are not familiar with real estate jargon. In this article, we will explain what active with contract means in real estate.
Active with contract is a status given to a property that is currently under contract, but the sale has not yet been completed. In other words, the property is still technically on the market, but it`s not available for new offers.
When a property is listed as active with contract, it means that the seller has accepted an offer from a buyer and both parties have signed a purchase agreement. However, there are still some contingencies that need to be fulfilled before the sale can be finalized. These contingencies may include a home inspection, financing approval, or completion of repairs.
During the active with contract phase, the seller is unable to accept any new offers on the property. However, if the contingencies are not satisfied, the contract may fall through, and the property will become available for new offers once again.
It`s important to note that the active with contract status may vary depending on the region and the real estate market. In some areas, it may be called „pending” or „under contract,” while in others, it may be called „backup offers accepted.”
If you`re interested in a property that is listed as active with contract, you should still reach out to your real estate agent to express your interest. In some cases, the current contract may not go through, and your offer may be considered as a backup option.
In conclusion, active with contract means that a property is under contract, but the sale has not yet been completed. It`s not available for new offers, but if the sale falls through, it may become available again. As a buyer or seller, it`s important to understand this status and work with a knowledgeable real estate agent who can help guide you through the process.