Phoenix Home Buying Basics, What's The Difference Between Pending and Under Contract.
Posted by Artur Ciesielski on Friday, June 10th, 2011 at 8:15am.Q: What is the difference between pending and under contract?
Is one more likely to close than the other? A: Pending Is used when the property is under contract subject to close.
Under Contract or AWC-O - active with option, AWC-I - active with instruction, AWC-C - active with contingency, is similar to Pending except there is less certainly about the viability of the current contract and the property continues to be advertised as active, but the seller and broker need to disclose that it's active subject to what ever contingency is there.
This is common in short sale because buyers have a tendency to pull out of the contract and the seller's want back up offers.
Short sales are very precarious beasts and subject to changes not in the control of the buyer or seller, i.e.. seller's lender.
Short sales are often noted as AWC-I or active with the instruction of the seller to keep them active.
So they are both the same essentially.
Artur Ciesielski | 602.492.8004
Artur is a Realtor and partner with inPhoenix Realty Group and an aspiring flaneur, currently in Phoenix or elsewhere when time allows, which is rarely. You can find him running up miles on this car, cycling the urban streets, in the office on Central or working at one of the many coffee shops in Central Urban Phoenix.
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