Understanding the Lingo

There’s a reason the average layman uses a professional Real Estate agent when buying a home. Their years of training and expertise make it to where even the strangest acronym is a piece of cake. However, buyers often find comfort in having a basic understanding of the words most commonly used in the homebuying process. Here’s a quick guide! 

Active

The property is currently on the market and accepting offers. Perhaps an offer has been made but nothing has been accepted which gives you the green light to request a showing.

AWC

This stands for “active with contract,” meaning the owners have accepted an offer but will consider backups in case something happens. However, this option must be clearly stated in the sales contract and the buyers must be aware. 

Contingent

This means that the sellers have accepted an offer but know the entire deal could fall through if certain criteria are not met. (Examples of this are the buyers have to sell their own house first, the home inspection reveals something unfavorable, or the home does not meet appraisal value.)

BOM

This acronym stands for “back on market.” A property being back on the market can happen for any number of reasons. It doesn’t always mean there’s something wrong with the house itself. Instead, there could have been an issue with buyer financing. Don’t let “BOM” deter you from looking into a house you really like!