A Guide to Real Estate Terms Part 1 – Rick & Tracy Ellis

A Guide to Real Estate Terms Part 1

While we talk to our share of savvy homebuyers, there are quite a few that are brand new to the game.  There’s a first-time for everything, and it never hurts to ask what something means.  In that spirit, we wanted to give a bit of a primer on some common real estate terms for first-time homebuyers, and veterans who may not have been in the market for a while.  Here’s part one of a guide to real estate terms.

Active

An Active property is just what you’d imagine – it’s available to buy.  It’s on the market, and while there may be offers out, none have been accepted.  That means it’s open for business and you can make an offer to buy this home.  An Active property is one for the taking.

Closed (CL)

This is, of course, the opposite.  A Closed or (CL) property listing means that the home has sold completely, and is in the possession of the new owner.  Nothing to see here, move along to the next listing.

Active with contract (AWC)

OK, this is a littlt bit more complicated.  Active With Contract means that, while there is a contact on the home, the sale isn’t finalized.  This can indicate that the seller has qualms about the contract and is looking for backup offers. If you see AWC on a home, you can still make an offer on it, just be advised that there IS a contract, so you may have to blow them away on the offer.  This often shows up in short sales, where having a backup offer is important in case the original falls through, since speed is of the essence in a short sale.  You can often get a GREAT deal here, because the seller is desperate to unload the home and a failed contract just compresses the timeline further.

Under contract (UC)

Under contract means that there is a firm contract between the buyer and seller. However, home sales still fall through at this point, so don’t take them off your list just yet.

If you’re ready to buy or sell your home, Rick & Tracy Ellis are ready to make your dream come true.  Call us today at 636-299-3702, email us directly at tracy@tracyellis.com, and visit tracyellis.com for more information on buying and selling your home.  You can also listen to the “The Rick and Tracy Ellis Show” every Saturday at 4 p.m. and Sunday at 10 a.m.

That’s the end of part one of A Guide to Real Estate Terms – check back tomorrow for part 2!