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Viv M0, Home Buyer in Palm Bay, FL

I saw this town house on another ssite saying it was under contract. Is it true?

Asked by Viv M0, Palm Bay, FL Sat Aug 20, 2011

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This property is a short sale and the sellers have entered into a contract for purchase. The "Active With Contract" status, or AWC (a new designation in our MLS) means they are still actively marketing it and soliciting more offers.

There could be a couple of reasons for this. The contracted purchase price or conditions may be such that they question whether it will be sufficient for the seller's lenders' to accept. In that case, a backup offer may well win the day. Another reason may be that they want to solicit more offers so they can be submitted to the bank as proof that the original contract is as good as can be expected in this market.

In either case, as a buyer's agent I would never allow my clients to agree to the home they are in contract on to be placed in AWC status. What's the point of a binding contract? This status implies that the buyer's aren't 100% invested in buying the home.

Please get yourself into a relationship with a Buyer's agent. They don't cost you anything and will get you all the viable properties available in the area you are searching without you having to figure out what's real and what's not.

Alys Esmond
Century 21 Professional Group, Inc.
1 vote Thank Flag Link Sat Aug 20, 2011
Fl sweetangel,

The property under contract, but not pending. Although they have an expected closing date. Let me know if there is any way I can help you find what you are looking for.

Rene Andino
Z House Realty Group
U.S. Army Retired
1 vote Thank Flag Link Sat Aug 20, 2011
Yes, it is true, there is an executed contract on this property. The seller is accepting back up contracts. This is becoming the norm in short sales. Keep in mind that the majority of short sales still FAIL. One of the biggest reasons that they fail is that the buyers get tired of waiting or find something else to buy. Because of that many lenders now actively encourage their short sellers to get back up contracts.

I see you are looking in the Lee Vista area. Let me know if I can help.

Good luck,
Mark LeMenager
Find your next house with the click of a mouse.
Search the MLS without obligation or registration from my website.
0 votes Thank Flag Link Sun Aug 21, 2011
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