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.
Is under contract the same as pending?
‘Under Contract’ is probably the most accurate way to describe a pending or ‘contingent’ sale. It means the same as the other statuses above; a buyer and seller have agreed to terms and have executed a contract. But, the contract has yet to go to closing.
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.
What is better pending or under contract?
What does it mean when a home is pending? For a home to be listed as pending, that means the home is under contract and there are no longer any contingencies on the sale. Once a property is listed as pending, the home is much closer to actually being sold than when it’s under contract.
What is the difference between under contract and active under contract?
When a listing is in Active Under Contract, that property is under contract, but is still accepting showings and being actively marketed. … This property is currently under contract and is pending settlement. Days on Market DOM and CDOM do not accumulate when a listing is Pending in Bright.
What does active mean in real estate?
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 active contract mean?
A: Active with Contract means the buyers has a contract to purchase on the property. The contract has a contigency so the seller can still look and accept other offers.
Can you outbid a house under contract?
The one type of offer a seller is allowed to accept while under contract with a buyer is a backup offer. A backup offer puts that buyer next in line if for any reason the original contract falls through.
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 you still put an offer on a house that is pending?
You can usually still submit a backup offer on a home that’s pending, but you may not be able to view the property. If you decide to submit an offer, make sure that your finances are in order and stay in touch with the home’s listing agent before applying for a mortgage.
Why do houses go from pending to back on market?
Homes appraising less than the contracted price does happen and when it does a few things can happen. The seller can reduce the contracted price to the appraised price. … When the deal can’t be salvaged due to a low appraisal the home will come “back on market.”
Does under contract mean sold?
Under contract means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. … In some instances, a buyer may make the sale of the home contingent upon the sale of their current home so they don’t have to deal with multiple mortgage payments.
What is the difference between active option and pending?
OPT Active Option Contract: Seller has accepted an offer but the Buyer is exercising the option period from the sales contract. … The seller requests no further showings and does not want to entertain backup offers. Pending listings do not expire and will stay pending until closed.
What’s the difference between pending and contingent?
A property listed as contingent means the seller has accepted an offer, but they’ve chosen to keep the listing active in case certain contingencies aren’t met by the prospective buyer. If a property is pending, the provisions on a contingent property were successfully met and the sale is being processed.
What does it mean when a house is pending on Zillow?
When your real estate listing goes from “active” to “pending,” it means you’ve accepted an offer, but the sale hasn’t closed yet. … During the time your home is pending, a lot of things happen, including the buyer and seller working together with their real estate agents to clear any contingencies.