“Active Option Contract” means a seller has accepted an offer to sell a home, but the transaction is in the inspection or “option” period. During this negotiated time period, the buyer usually inspects and evaluates the property with the option of terminating the transaction.
What does AO mean in real estate?
But in RE (real estate), the world of abbreviations and acronyms frequently draws questions about meanings among realtors and blank looks from buyers and sellers as we start to automatically reference letters from the alphabet, from AO (acceptable offer) to ZB (zoning board), CMA (comparative market analysis) and CO ( …
What is AO in mortgage?
Foreclosure Terms (A-O) Overview. Absolute Auction.
What is AO on MLS?
A/O “Active Option” means there is a contract on the home and they are in the option period. It’s still active because the seller may allow us to see the home and write a backup offer which once negotiated would slide right into first place should the current buyer back out during the option period.
What does early AO mean?
AO is Active Option and refers to when a home goes under contract with an option period in place for the buyer to terminate for any reason, typically for 5 to 10 days but the time frame does vary and is fully negotiable so check with us to be sure on any home and especially when negotiating your own purchase.
What does active with contingencies?
Active with contingency means that an offer on the house has been made, and the seller has accepted it; however, before the sale can be finalized, some criteria needs to be met. … While contingencies benefit both the buyer and the seller, they benefit the buyer the most.
Can seller back out of active option contract?
An active option contract means the seller has accepted an offer to sell their property. However, the transaction is in an option period, or inspection period. … The buyer can’t get back the option fee if they opt out of the home sale, even if they back out for a reason that is covered by a contingency in the contract.
Is it bad to do a mortgage forbearance?
Forbearance lets you skip some or all of your monthly mortgage payments for as much as a year. But forbearance should be a last resort, something to avoid if at all possible. While it can be a lifeline in the short–term, forbearance will undoubtedly lead to credit issues for many down the road.
How long can your mortgage be in forbearance?
Homeowners with federally backed loans have the right to ask for and receive a forbearance period for up to 180 days—which means you can pause or reduce your mortgage payments for up to six months. Additionally, you can request an extension of forbearance for up to 180 additional days, for a total of 360 days.
How is annual PMI calculated?
PMI are fees listed on your mortgage documents. … To calculate the exact percentage fee of your loan, you take the PMI required per month and multiply it by 12. Next, divide the original loan amount by the PMI required per year. The resulting amount should be between 0.30 percent and 1.15 percent.
What is Br and Ba in real estate?
Ba – bathroom. Br – bedroom. CAC – central air conditioning. Ch – central heat.
What does Rais mean in real estate?
RAIS (Price Increase)- a property where the price was increased.
What does active mean in real estate?
Active. This means that a property is currently on the market and available for sale. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal.
What does AO stand for in text?
“Adults Only” is the most common definition for AO on Discord, Snapchat, WhatsApp, Facebook, Twitter, and Instagram. AO. Definition: Adults Only.
What is the difference between active option and pending?
OPT Active Option Contract: Seller has accepted an offer but the Buyer is exercising the option period from the sales contract. … The seller requests no further showings and does not want to entertain backup offers. Pending listings do not expire and will stay pending until closed.
What does a lot House mean?
A ‘lot’ means ‘one or more cubic spaces shown as a lot on a floor plan relating to the scheme, but does not include any common infrastructure unless the common infrastructure is described on the plan, in the way prescribed by the regulations, as a part of the lot. ‘