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What does “AWC” Really mean – Explained

OK There are three different categories of AWC with one of them AWC-I or AWC- Seller Written Instructions being a very common one in today’s market. I will explain what each of them mean below:

AWC-C or AWC -Contingent Offers: This AWC status indicates that there are is another offer or contract on the home, but there are “contingencies” involved. The contingency on the contract or offer would need to be cleared before the sale can be completed. An example would be if the seller had accepted an offer where the buyer has another home to sell prior to being able to close on the new home purchase.

AWC-I or AWC – Seller Written Instructions: This status has exploded in popularity in the last few years due to the large number of short sales in the Scottsdale and Phoenix real estate markets. The “I” stands for written “instructions” to keep the listing in an active, although with contingency, status. It can be used in different scenarios, but I would say the majority of the time when you see an AWC status on a Scottsdale home listing, it is referring to a short sale. So, when you see this in the case of a short sale, it means an offer has been accepted by the seller, but now the seller’s lienholder(s) have to approve the offer. Once lienholder(s) has/have given their approval and the deal can move forward, these listings can then move into Pending status.

AWC-O or AWC – Existing Option to Purchase: This one is pretty rare to see. The “O” means that there is an existing “option” to purchase the home. Basically, the seller and option holder agreed to sell the home to the option holder at some point in the future. However, the option holder is not obligated to buy the home, so if they walk away from the purchase, a new buyer can step in.

I hope that helps? If  you would like clarification feel free to Call

Current Inventory

Wow how how busy it is out there trying to find a Nice Condo, I have written 14 offers for my Current Client and we are a still looking ? We will find her a place-

 

 

Mesa Condo Sales Stabilizing

There are ample statistics that show that condo and townhome prices in Mesa are starting to stabilize.

The median price condos sold in Mesa last month (December, 2011) was $50,000 with an average price per square foot of $53.  A year ago (2010)  in December,  the median price was $43,000 at an average price per square foot at $54.

Inventory is down drastically, with barely 1 1/2 months of Mesa condo and townhome inventory available.  If you see a condo that fits what you are looking for, don’t delay!  For my buyer clients, I am all over the inventory.  That’s required in this market.