By Melissa Dorman, May 12, 2021
In today’s fast paced market properties seem to be available one day and pending the next. In the frustration of seeing your front runner property under contract, Have you ever asked yourself ; What does it mean when a house is ‘active under contract’? When a home is active under contract it means that a buyer has presented an offer on the home and the seller has accepted, but the sale is not yet final. When the transaction is complete, the status of the home will show that it has sold.
While the property is still under contract, all contingencies must be met before the sale is finalized. That may mean the buyer must secure financing, inspections still need to be completed to confirm the property is free of serious defects, or other conditions that still need to be met in order for the sale to be finalized. Real estate contracts outline many conditions that must be met by both the buyer and seller. If either party fails to meet one of these conditions, the contract is breached and one party may back out of the sale.
Is an under contract house off the market?
If you find the property of your dreams but it is listed as under contract, it doesn’t necessarily mean that you’re out of options since it is still possible that the buyer or seller may fail to meet one of the conditions needed for the sale to be final.
Most properties that are under contract are considered off the market, but the buyer has a specified period of time to fulfill their obligations. During this time, properties continue to be marketed but maintain the active under contract status until the sale is finalized, or the transaction is cancelled.
Melissa Dorman
Broker | OR & WA
She/They
Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape sex trafficking by providing alternative work at a social business.
It was there she discovered her passion for financial education as a means of empowering people to move out of poverty. After graduating from UCLA with a Masters, Melissa spent 5 years working as a Social Worker; assisting clients facing homelessness, in jail, or at a psychiatric facility.
As much as she loved the work, imagining saving for retirement on the meager salary of a social worker was becoming grim. That's when Melissa discovered "passive income." In no time, she fell in LOVE with real estate as a vehicle for wealth. Soon after, Melissa began locating off-market multi-family properties to purchase through creative financing strategies and win-win opportunities. Two years into investing, Melissa quit her day job as a Social Worker to become a full-time broker and investor. Initially, she was drawn to people in difficult circumstances, so she developed extensive experience assisting families facing foreclosure, short sales, and probate. Melissa is well versed in helping her clients overcome complex real estate challenges.
Currently, Melissa is teamed up with Super Broker, Yascha Noonberg at Living Room Realty. Together they assist clients to achieve their real estate dreams, including how to strategically buy and sell a personal residence to maximize profits. Far from the slums of Kolkata, her greatest passion now is empowering other working professionals to develop passive forms of income through buying multi-family properties in Portland.
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- T: 503-567-4697
- melissa@livingroomre.com
