What does active with contract mean?
You may come across on some of the listings you find on our website that state “active with contract” you will see this mostly on short sales but can be on other homes as well. What it means is that there is a contract on the home with a contingency such as accepting back up contracts, pending third party approval (short sale) or 1st right of refusal. The home will be left on the Internet and MLS to be marketed.
If it is a short sale they most likely are waiting on third party approval (sellers lender to approve the short sale) or accepting back up offers which you will only get if the buyer ahead of you backs out. Once the bank approves the short sale the listing agent is then required to put the home in pending status.
Here are all the contingency per the MFRMLS for an active with contract status
My thoughts and experiences on this status: Short Sales are hard enough to close so if you need to go in as a backup then the odds are even more stacked up against you. You may want to pass these by especially if you have a certain time-frame.
Working on what is an approved short sale?