What does it all mean? An ACTIVE listing in the MLS means that the property listed is available and the seller is taking offers. AWC means Active With Contingency. AWC is the gray area that confuse people who are searching the multitude of MLS Search websites out there for the exact availability of the property. AWC can be used for a variety of reasons and the situations change as the climate of our market changes. What are the Contingencies? Here is the most updated uses:
1. In a Short Sale situation, a sellers agent will change the listing from Active to AWC when a purchase contract has been accepted by homeowner. It will stay as AWC in the MLS while the contract is being processed by the owners bank. When Short Sale approval of the buyers offer is agreed upon by the bank, an agreement notice is issued to the seller. If all parties are in agreement with the terms of the notice and the buyer hasn't walked, the listing goes into Pending. If the buyer withdraws, the listing returns to Active status. Another buyer may place a back-up offer on a Short Sale property while in AWC. In fact, the sellers agent would love to have a back-up offer because so many Short Sales fall through. There is a good chance that a back-up offer will become the primary offer.
2. Any other type of sale whether it be a foreclosure (bank-owned), traditional or investor-owned, a sellers agent may use AWC rather than Pending when they receive an accepted contract by the buyers and sellers until the 10-day inspection period is over. They do this because a buyer can withdraw his offer during the inspection period. Not until the buyer issues the seller a Buyers Inspection Notice and the seller agrees to the terms of that notice is the purchase contract solidified. Then the status is changed to Pending.
3. A sellers agent will also use AWC if a listing has an over abundance of offers and the sellers need time to select the best offer. In that case, again the buyer may change his mind after his offer is selected and want to withdraw. Then the status in the MLS is changed back to Active to open up to receive more offers. BTW: A seller can look at as many offers as he wants before accepting one.
4. The buyers financing also plays a factor in AWC. Some sellers agent will keep a listing open after the 10-day inspection period, if the buyers have not been fully approved and all loan conditions have not been met. This could also involve a low appraisal by the buyers lender. In our volitile market, a pre-approval does not hold much weight. Rather than waste valuable days on market only to have the buyers financing declined right before close of escrow, some agents keep the listing at AWC to keep the listing attractive for a back-up offer.
The only way to really know is to work with a Realtor who can give you the exact status of a property. A Realtor is worth their weight in gold in helping to navigate through our complex real estate market. Timing is everything! A Realtor can help you be at the right place at the right time to secure the home of your dreams.
Barb Merrill Works 4 U!
Boy, oh, boy, I am here to tell you that Phoenix real estate is on the way up out of the 6 month crashed out low in the housing market, especially in homes priced under $118,950. I just put multiple condos for sale in Tempe, AZ and had a contract in less than 12 hours 10% over list price. With an ideal location, condos and homes near ASU are attracting Buyers. We have been caught in a dust storm bigger than ever before seen in Arizona, so to speak. A real estate storm that has kept our market under the weather until now.
After a stormy past few years that has taken it's toll on the Arizona real estate landscape, the dust is beginning to settle. Resale and new homes in Maricopa County rose to a near record of 9,450 in June. Foreclosures are on the decline. There are 2,000 fewer active foreclosure filings in June than May. We are gradually digging out as only 1,300 homes were sold at foreclosure auctions by lenders in June.
Sunny skies are in the forecast. The total amount of Active listings are down causing a gradual increase in home prices. With demand remaining strong and conditions just right with historically low prices and equally low interest rates, the sun will continue to shine in Phoenix, AZ as home sales prices rise out of the dust.
Barb Merrill Works 4 U!
The Oasis at Anozira in Tempe, Arizona is truly The Oasis paradise in the center of the desert!
The Oasis at Anozira's lush tropical neighborhood is amongst Tempe's finest planned communities and offers an array of single family homes. A total of 40 executive style homes border the waterfront with view fences to the 6.5 acre lake and fountains. All other homes have easy access to a one mile lighted sidewalk that surrounds the lake along with a family friendly picnic area and playground.
The Oasis at Anozira is conveniently located to another system of man-made lakes in the ASU Research Park directly south across Elliot Road that sports a tennis court, fishing in all 3 lakes, jogging & bike paths and displays every variety of vegetation that thrives in the desert. All manicured by professionals through every season of the year for the Tempe community to enjoy. The Oasis at Anozira is situated in the highly sought after Kyrene School District and close to Tempe's unique Mill Ave District for dining, shopping, and entertainment.
Satellite View of The Oasis at Anozira
Because of the exclusive nature of The Oasis at Anozira homes, which are also biking distance to the Freescale Semiconductor plant and ASU Research Park, they typically sell within 3 months. The Oasis at Anozira features Beazer, Blandford and Fulton homes built in 1995 & 1995 with floorplans that range in size between 1574 and 4378 square feet. The Oasis at Anozira homes are perfectly positioned to take advantage of the lake view and built to promote the active Arizona outdoor lifestyle.
For more information on current homes for sale, click on The Oasis at Anozira property for sale.
For more information about The Oasis at Anozira in Tempe, the East Valley and the entire Phoenix metro area, feel free to call me directly at 480-570-5263.
Visit my website at www.BarbMerrill.com to search the MLS for FREE.
Barb Merrill Works 4 U!
Uncovering a short sale deal takes smart detective work. There are certain deductions that can be made when considering purchasing a Short Sale to help develop conclusions about the final outcome. Asking the right questions will take the mystery out of purchasing a Short Sale and reveal details about the sale that will determine if a Short Sale is worth the wait.
Here is why you should ask these questions:
The county tax records can be an effective tool in determining the current market value. Banks will have an appraisal done on the property to use as a guage for incoming offers. They want to make sure they are getting fair market value. Adjust your offer accordingly.
The amount and type of liens on the property can determine the length of time and likelihood of a successful Short Sale approval. Let's face it, some banks are better at closing Short Sales than others. Your professional real estate practitioner will be able to tell you from their experience which banks are winners in closing Short Sale transactions.
Most banks will not allow for any of the proceeds of the sale to go towards HOA fees past, present or future. These costs must be absorbed by the buyer and seller. Traditionally, the seller pays all HOA costs up until close of escrow. The buyer pays any special assessments or capital reserve that will benefit the buyer for any future improvements to the community in which he lives.
As a buyer, be prepared to pay HOA costs, turn on utilities in advance for a home inspection if the seller is financially unable to do so, and, if you get lucky, the bank may contribute toward your closing costs. Just remember, in the end, despite the additional minor fees, you're getting a great deal on a house!
After all the evidence is in: know what you are getting into financially and emotionally before taking on a Short Sale. There is no guarantee that a Short Sale offer will be approved by the bank and close escrow. You don't want to get down to the final negotiation stages and find out you have been waiting for a frog!
Someone who knows the ropes, please let me on on the secret of how to get a HAFA approval from Bank of America. I thought I was Bank of America Short Sale savvy until they implemented AMS as their servicer for HAFA Short Sales. I have had a HAFA Short Sale complete with all documentation submitted for almost a month and a half. The BPO is done. I only know that because the agent called me about access to the house. AMS had no record that it had been done. I send regular messages through Equator requesting an update and call AMS every week. Week after week I get the same answer, "the file is in underwriting for review". I found out that that meant the file had been sent back to Bank of America for approval. I have worked with Bank of America and I know how long it takes for them to process a file and send it to their investors for approval. It could be anywhere between 3 - 6 months. Isn't the purpose of HAFA to shorten the process? Someone who knows the ropes, please let me on on the secret of how to get a HAFA approval from Bank of America. I would appreciate it very much. I am ready to tear my hair out. It could be ugly!!!! HELP me spare the hair!
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