Active with a contingency (AWC) means that the property is still showing active on the MLS, however the contract could be contingent upon financing, appraisal, inspection, lender acceptance, or review of the Property Owners Association disclosure package.
Another possibility is the Buyer asked for an extended closing date or needs to sell their home first.
A Buyers Agent will alert their clients to AWC listings in order to save them time and frustration.
AWC-C - this is a home for sale, under contract, however, the purchase is contingent upon the sale of the buyer’s property. In this market, I generally advise my clients from taking these type of offers. However, in some cases , this can make sense.
AWC-O means that the home is under contract per a buyer’s ‘option’ to perform. The buyer, has a certain time frame that they may elect to exercise the option to purchase at a set price. Make sure you ask the listing broker when this option expires so you know if and/or when to make your offer.
AWC-I – this contingency provides the seller the ability to continue to market the property for back-up offers, possibly due to doubts of the buyer’s ability to obtain financing.
The AWC-I is very common these days , as REO/ bank owned properties or ‘short-sales’ will still entertain offers while the bank is making a decision.
If you are a buyer, make sure your Realtor alerts you to listings they are showing you that are Active with any contingencies so you know what is the best way for you to proceed with your offers.
