When browsing real estate listings, you may come across the term “active under contract.” But what exactly does this mean?
Simply put, being active under contract indicates that a property is still technically available for sale, but there is a pending contract in place between the current seller and a potential buyer. This means that the seller has accepted an offer from a buyer, but the sale has not yet been finalized.
During this time, the property may still be listed on real estate websites and available for showings, but no additional offers will be considered. The active under contract status serves as a way to let interested parties know that the property is currently under contract, but the sale hasn’t been completed yet.
One reason a property may be listed as active under contract is to provide a backup in case the current deal falls through for any reason. This allows the seller to continue to show the property and receive additional offers, giving them a fallback option if the initial deal does not go through.
Another reason for using the active under contract status is to indicate to potential buyers that the property may still be available in the future. If the current deal falls through, or if the buyer has a change of heart, the property may go back on the market, and those who were interested previously will know that it is once again available for consideration.
Overall, the active under contract status is a way to keep interested parties informed about the status of a property that is currently in the process of being sold. While it may not be available for additional offers at the moment, it’s important to note that the property has not officially been sold and may still become available again in the future.