It’s said the devil is in the details. In the Phoenix real estate market, that’s not only true but you also find the availability of a home’s in the contingencies.
Here’s the simplified lifespan of a real estate listing in Phoenix. When it first comes on the market, it’s Active. When a contract is accepted, it becomes Pending. And when the sale’s complete, it’s Closed. If it doesn’t sell, it’s Expired. If the agent and seller part ways, then it’s Canceled.
Of course, the two classes of homes in which most people are interested – short sales and bank owned homes – rarely follow that simple lifespan. In its place we get to explore the alphabet soup of statuses offered by the Arizona Regional MLS:
AWC-C, AWC-I, AWC-O … Active with Contingencies
AWC-C means there’s a contingent offer on a property – generally speaking, this would mean the buyer has a home to sell but that definition’s been expanded over the years.
AWC-I means the seller has given the listing agent written instructions to leave the listing as active and keep searching for buyers
AWC-O means there’s an existing option to buy on the property. I’m sure this animal is in use, just as I believe there are animals where you see those “Watch for Animals” signs on the highway, but I’ve never seen either.
What’s important to remember with this status is the home’s already under contract. It’s not active inasmuch as an offer made cannot be accepted and only will be held as a backup offer because an offer’s already been accepted.
(Editor’s note: one quirk of the Diverse Solutions search interface in use here is these AWC listings still show as active. The way to find out if another offer exists is to scroll down to the Additional Features section on the Details tab and look for “Contingent”.
If you see it, the property’s actually in an AWC status. If you don’t, it’s really active.)
TOM – Temporarily Off Market
This traditionally was used when the seller decided to take their home off the market while they still had a valid listing agreement in effect with an agent. These days, however, TOM status is used by the REO agents when they’re received a flood of offers and aren’t accepting any more.
In a market where bank owned homes under $200,000 routinely are receiving multiple showings and multiple offers the first day or two on the market, it’s easy to see how this status is being used more and more often.
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[tags]Phoenix real estate[/tags]