Buying an active house under contract is possible in the Massachusetts real estate market. When a property is labeled as ‘active under contract,’ the sellers have accepted an offer, but the deal is not yet closed. Buyers can still make offers and visit the property with the sellers’ permission.
However, these offers are considered back-up, contingent on the initial agreement falling through. Different contingencies and requirements must be met before the sale can proceed.
Understanding these nuances is crucial for both buyers and sellers. We will look at what you need to know about active-under-contract properties in Massachusetts.
Can You Buy a House That is Active Under Contract?
Buying an Active Under Contract House in Massachusetts
Regarding real estate transactions, the term “active under contract” often raises questions for potential home buyers. Understanding this status is crucial for purchasing a house currently under contract.
We will explore what “active under contract” means and its implications for buyers.
Understanding ‘Active Under Contract’ in Massachusetts Real Estate
The term “active under contract” refers to a specific stage in the home-selling process. It indicates that the sellers have accepted an offer from a buyer, but the transaction is not yet finalized.
During this phase, buyers still have the opportunity to make alternative offers and visit the property with the sellers’ permission. However, it’s important to note that these additional offers are typically considered back-up submissions.
Homes under contract fall through, so it is worthwhile to investigate them.
Key Differences between ‘Active Under Contract’ and ‘Pending’
It’s crucial to differentiate between “active under contract” and “pending ” statuses.” While both indicate that an offer has been accepted, “active under contract” allows for additional back-up offers, whereas “pending” means that the home sale is…