Home Buying in Dunedin>Question Details

Linda, Home Buyer in Dunedin, FL

What does active with contract mean?

Asked by Linda, Dunedin, FL Thu Sep 6, 2012

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Answers

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Pam gave a very thorough description of 'Active With Contract."
To a home buyer, the type of property and it's situation will give a good indication what you should do regarding placing a back up offer or not.

For instance if you are a cash buyer and love a specific property:
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A financed offer is in place for a condo at Paula Point, you definitely want to place a back up
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If a financed offer is in place for a condo in Tanglewood, you definitely want to place a back up.
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If a offer is in place for a brand new on the market short sale, unless you are willing to wait 3, 6, 10 15 months, a back up should not be considered.
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A SFH in Braemoor with a financed offer would not be a good back up candidate either, UNLESS it is a VA or FHA backed financing.
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It is the intimate knowledge real estate professionals have regarding the prevailing situations that will identify the action you should take to best achieve your purchase objectives. In many cases it is assumed a home if 'off the market' if the status is shown as 'Active With Contract." As banks continue to convolute the purchase process, 2nd opportunities should not be overlooked.
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The prudent buyer will rely on their real estate professional to assess the success probability of a back up offer.
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Here in Dunedin, FL, where I live, getting 1st look opportunities, and having viable Plan B's will prove beneficial in this highly competitive market.
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If you are a serious buyer and have any questions or interest in real estate in Dunedin, Palm Harbor or Clearwater don't hesitate to give me a call.
No, don't use that 'contact' link.
No, don't use Trulia email.
If you are serious, please go old school and call.

Best of Success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Fri Sep 7, 2012
Hi Linda,

Active with contract means there is a ratified contract between the Seller and the Buyer with contingencies. Due to the contingencies the Seller wants the property to still be marketed so that back up offers can be accepted.

The most common contingencies are: inspections, financing, sale of Buyers home,appraisal OR contingent upon the approval of the Seller's lender(s) aka a "Short Sale". Most "Short Sales" get listed as "Active with Contract" when they do go under contract, due to the long waiting period, where the Buyer may walk vs. doing extensions while waiting for lender decisions.

If you are interested in a home listed this way, have your professional real estate agent check what the contingency is. Inspections is usually a short period of time (2 weeks or less) where as a "Short Sale" is usually a minimum of 90 days.

I feel an informed client makes the best decisions regarding their real estate needs. Let me know if I can be of assistance.

Sincerely,

Pam Cohn
Broker Associate, GRI, SFR, NHS
Real Estate Consulting, Marketing & Sales
Prudential Tropical Realty
2539 Countryside Blvd #3 Clearwater, FL 33761
pcohn@prutropical.com
727-204-7155 http://www.FromCavesToCastles.com
VIEW PROPERTIES ON YOUR SMART PHONE
TEXT "PAMELA" TO 727-213-5142
0 votes Thank Flag Link Thu Sep 6, 2012
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