If you`d like more information on what different listing statuses mean, take a look at our real estate glossary entry on real estate listing status! So there`s no incredible chance you`ll have a decent chance of buying a home that`s already under contract – but there`s still a chance! If a house is under contract, it means that the seller has accepted the buyer`s offer and the parties have signed a contract of sale. A house cannot be officially considered contractual until buyers and sellers have accepted all the contractual conditions. Sometimes this requires a salvo of rounds, with each party retaliating several times before reaching an agreement. The contract must contain both the signatures of the buyer and the seller and all changes made to the original must be properly crossed out, corrected and initialled by both parties so that they are valid and enforceable. It`s easy, isn`t it? Well, it`s a little more complicated than that, and to fully understand what “under contract” means, let`s look at the sales and closing process. What does it mean if a house is under contract? If a house is under contract, it means that a buyer has made an offer for the house and the seller has agreed, but the sale is not yet final. Once the transaction is complete, the status of the home indicates that the home has been sold. It is not uncommon for potential transactions to disintegrate due to the contingency of the agreement. Homeowners whose home is in a quota state can accept a backup offer, and this offer takes priority if the initial activity does not pass, so if you like a conditional property, it is reasonable that you can make an offer for the offer, so that you will be able to buy if something goes wrong with this transaction. However, eventual transactions can become complicated, so it`s best to work with a real estate agent if you`re making these types of offers. If you have any questions or need help navigating through this type of sale, contact a local Howard Hanna agent….
Categorised in: Uncategorized
This post was written by rb_ad