In December of 2015, a new sales status was added to the Arizona Regional MLS (ARMLS), which is what agents use to search for homes in the Greater Phoenix area, including Scottsdale.
Most people are familiar with the commonly seen statuses of Active (for sale), Pending (under contract) and Sold (closed).
A few years ago, another status was added called UCB, or Under Contract – Backups. This classification means that an accepted contract is in place, but that the sellers have given written instructions to keep marketing the home in an effort to secure backup offers. (This status became very popular when the market had high numbers of short sales, and it continues to be used widely used today even though short sales are a very small portion of the market.)
So What is CCBS?
CCBS stands for Contract Contingent on Buyer Sale. In this case the home seller and buyer have entered into a contract, but the contract closing is contingent upon the buyer selling their existing home. This new addition is helpful to homebuyers as it gives them more information into the status of the sale and indicates backup offers are welcomed.
In order for a home to become CCBS, the homeowners must give written instructions and be accepting backup offers. However, if the sellers do not do this or want to do this, the home will be placed into Pending status.
If you see a home you are interested in and it is marked CCBS, your agent should investigate to see how far along the buyer of the home is in their home sale process. Some buyers already have a contract on the home they need to sell and others may only have date they are hoping to close by, but no buyer for their property yet. Once you have a better idea of the situation, you can determine whether you want to move forward with a backup offer or not.
Want to learn more about Scottsdale home sales or have questions? Simply contact Joyce via phone/text at (480) 209-7843 or email us.
Disclaimer: This is an overview of ARMLS sales statuses. It is not meant to be legal advice. Please contact your real estate professional with questions.
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