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10-17-2009, 10:18 AM #1
Condominium
- Join Date
- Sep 2009
- Location
- New York
- Posts
- 212
Need Help
Hi everyone, I'm looking at a property to buy but don't know "UNDER CONTRACT for 150K?", what does it mean? Is it the price or downpayment. I don't want to show that I'm inexperienced.
Last edited by Nick Brian; 10-17-2009 at 10:20 AM.
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10-31-2009, 07:55 PM #2
Renter
- Join Date
- Oct 2009
- Location
- Georgia
- Posts
- 4
Under COntract
Means just that..someone has put a bid on it and it is being sold..
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11-01-2009, 07:03 AM #3
Fixer Upper
- Join Date
- Sep 2009
- Location
- USA
- Posts
- 67
If you don't know what "under contract" means I'm afraid there will be about a hundred other things that will give you away the moment you contact a licensed Realtor.
Regarding the terms, just like most real estate questions, this one depends on the local market. Those terms can mean different things depending on where you live. In my area, the terms are used interchangeably and mean the same thing. Some say that sale pending means the deal is a little further along, which is kind of silly to me, because a buyer can back out prior to closing - even the day of closing, so technically there's always a contingency.
"Under contract" = a buyer has a signed and accepted purchase contract on the property
"Sale pending" = a buyer has a signed and accepted purchase contract on the property, and usually means that all that is left is finishing the loan package, a final walk through, and on the East coast - a closing.
"Active Contingency" = usually means a buyer has a signed and accepted purchase contract on the property but the seller's agent got hip to the fact that he could give it a status of AC while keeping it from falling out of Realtor dot com and still meet the requirements of his MLS (Realtor dot com doesn't keep pending status listings as far as I've seen). Active contingency usually isn't found on a yard sign because there are more total letters in the description. You'd usually find it as a status on a web site or in an MLS database.
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