What does “under contract” mean?
Chances are, you’ve probably seen a listing you had your eye on go “Under Contract.”
If you see a house you love that’s “under contract,” don’t give up quite yet! In most cases, a property is listed as “under contract” once a buyer has made an offer and the seller has accepted. While that’s a big step, it doesn’t mean the deal is done quite yet!
When a real estate listing is “under contract,” there are still contingencies attached to that offer that must be cleared before closing. These contingencies often include financing, a home inspection, home appraisal, and sometimes the sale of the buyer’s current home.
Since it’s possible for any of these items to fall through along the way, seller’s agents will sometimes take backup offers. In other words, if you want this home for yourself, that could still happen!
If you are thinking of buying a house this upcoming summer, click on this blog post here