What Does Active under Contract Mean for a House
As a potential homebuyer, you may come across the term “active under contract” (AUC) when browsing online listings. But what does it mean exactly?
In simple terms, AUC means that a seller has accepted an offer from a buyer, but the sale has not yet been completed. This is why the property is still listed as “active” on real estate websites, despite the fact that a contract has been signed. The contract may be contingent upon certain conditions being met, such as the buyer securing financing or the completion of a home inspection.
AUC is also known as “pending” or “under contract” in some areas, but the meaning remains the same. Some websites may use a different term, so it’s essential to look for the AUC marker on the listing itself.
What are the implications of a property being AUC?
As a buyer, seeing a property listed as AUC can be both good news and bad news. On the one hand, it means that someone has already made an offer on the property, which could indicate that it’s a desirable home. On the other hand, it means that you may not be able to make an offer yourself, depending on the terms of the contract.
However, it’s worth noting that an AUC property is not off the market entirely. If the contract falls through for any reason, the seller will likely relist the property as “active,” and it will become available once again. Additionally, some sellers may still be open to receiving backup offers, so it’s worth contacting a real estate agent who can help you navigate the process.
What should you do if you’re interested in an AUC property?
If you find a property that you’re interested in, but it’s listed as AUC, the best course of action is to contact a real estate agent who can provide more information about the status of the sale. They may be able to tell you if backup offers are being considered and provide guidance on whether to wait for the property to become available again or to look elsewhere.
It’s also essential to keep in mind that AUC properties can take longer to close than active properties because of the contingency periods written into the contract. However, if you’re willing to wait and navigate the process, an AUC property could be an excellent opportunity to purchase your dream home.
In summary, active under contract means that a property has an offer accepted by the seller, but the sale has not yet been completed. As a buyer, it’s essential to understand the implications of AUC on your ability to make an offer and to seek guidance from a real estate professional. With the right support, an AUC property could be an excellent investment in your future.