If you have ever wondered why a property listing shows up as Active, only has “C-SOAP” describing the listing you are likely not alone. It is one of those industry acronyms that not even all insiders understand!
“C-SOAP“ means the property is sold Contingent upon the Sale Of Another Property.
It usually means the Buyers must sell their current home before they can buy this property. Buyer and Seller have come to an agreement for a sale with those terms, which usually gives the Buyer 60-90 days to sell their current home.
It is still listed as Active, because you can make an offer without that contingency and if the Seller chooses they can give the first Buyer notice they have received another offer. If they cannot perform, your offer can ‘bump’ that other buyer out of line.
While most buyers choose not see properties sold subject to inspection or right of rescission, don’t be too hasty to pass on properties with a C-SOAP contingency… it could become your new home.
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