When shopping for a new home, you may come across real estate listings marked as under contract. This can cause confusion and uncertainty for buyers who are unsure of what this means and whether they should continue pursuing the property.
Simply put, an under contract status means that the seller has accepted an offer from a buyer to purchase the property, but the sale has not yet closed. During this time, the buyer typically has a period of time to complete inspections, finalize financing, and take care of any other contingencies specified in the contract.
While under contract, the property is technically off the market, and the seller is not allowed to entertain other offers. However, if the sale falls through for any reason, such as the buyer being unable to secure financing or discovering major issues during inspections, the property will be released back onto the market.
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For buyers, under contract listings can be both frustrating and hopeful. On the one hand, it means that someone else has secured the property you were interested in, but on the other hand, there is a chance that the sale may fall through, leaving the property available once again.
It`s important to note that the length of time a property remains under contract can vary greatly. It could be a matter of days or weeks, or the process may take months if there are significant delays or issues that arise.
If you`re interested in a property that`s listed as under contract, it`s always a good idea to keep an eye on the listing and speak with your real estate agent to stay informed on any updates or changes. In some cases, it may be possible to submit a backup offer in case the initial sale falls through.
In summary, an under contract listing means that the seller has accepted an offer, but the sale has not yet closed. Buyers should be aware of the status and potential for the sale to fall through, while also staying informed and ready to act if the property becomes available again.
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