Real Estate: What does "act cont short sale" mean on a MLS listing?
Real Estate: What does "act cont short sale" mean on a MLS listing?
I believe it means "Active Contingency Short Sale" which translates to the listing being active and they are accepting offers, BUT the contingency part means that they have already submitted an offer to the bank and they are waiting for a response. This response can take a couple hours, or it can take several months…. in the meantime, if a better offer comes in, the Realtor can submit the better offer and possibly get a response sooner. On most short sales, the listing agent does not submit multiple offers, they wait until the first offer is rejected, but not all Realtors do business the same way.
March 1st, 2010 at 3:50 pm
It is for sale, but the owers have submitted an offer to the bank already. The bank has not accepted it.
References :
March 1st, 2010 at 4:04 pm
I believe it means "Active Contingency Short Sale" which translates to the listing being active and they are accepting offers, BUT the contingency part means that they have already submitted an offer to the bank and they are waiting for a response. This response can take a couple hours, or it can take several months…. in the meantime, if a better offer comes in, the Realtor can submit the better offer and possibly get a response sooner. On most short sales, the listing agent does not submit multiple offers, they wait until the first offer is rejected, but not all Realtors do business the same way.
References :
Lender in California