Key Takeaways. “Under contract” means the seller has accepted an offer, but there are still conditions to clear before closing. “Active under contract” means the seller is welcoming backup offers. “Pending” means the home is under contract, and all conditions have been met for the deal to close.
What does contracted mean on realtor com?
As you scroll through the real estate listings, you might spot a few that say the house is “under contract.” In most cases, a property is listed as “under contract” once a buyer has made an offer and the seller has accepted.
What is a contracted sale?
A contract of sale is an agreement between a seller and a buyer. The seller agrees to deliver or sell something to a buyer for a set price that the buyer has agreed to pay. With these contracts, the transfer of ownership happens when the buyer pays and the seller delivers.
What does it mean when a house is under contract but still showing?
It means that the seller has an offer that is either pending to confirm OR the home is under contract but other buyers can still "look" while the first buyer confirms (through inspections or other) if they will follow through with the purchase.
What happens next after contracts are signed?
Exchanging contracts
During the exchange of contracts, both solicitors or conveyancers will read out the contracts over the phone in a recorded conversation. They will make sure the contracts are the same and then post them to each other. Once contracts have been exchanged you're legally bound to buy the property.
Can you make an offer on a house that is active under contract?
Can I make offers on homes that are listed as 'active under contract'? You can. But sellers can't accept your offer if they've already signed a purchase and sales agreement with other buyers, even if your offer is higher. If the sale doesn't reach closing, though, the sellers can consider your offer.
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What is the difference between contingent and under contract?
Homes under contract have an accepted offer, but there's still time to put in a competing one. Contingent home sales are on hold, but only for as long as it takes to meet stipulations. Pending homes are on their way to a final sale, barring any extraordinary circumstances.
Frequently Asked Questions
Can a seller accept other offers while under contract?
While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.
Is it better to be contingent or pending?
If a home is listed as pending, all contingencies have been met and the sale is further down the closing path, with most of the paperwork in place — but the transaction has not yet been completed. You are more likely to be successful making an offer on a contingent home than a pending one.
Can a seller accept another offer while contingent?
Contingency with a kick-out clause
That means the seller can continue to show the home and accept offers during the sale contingency period. If the seller gets a better offer, they'll allow the original buyer 72 hours to drop the sale contingency and proceed with the deal.
FAQ
- What does a home for sale contingent mean
- A property listed as contingent means the seller has accepted an offer, but they've chosen to keep the listing active in case certain contingencies aren't met
- Does under contract mean a house is sold?
- A property that's under contract is one that the seller has previously accepted an offer on from a buyer. However, until all contingencies on the home are met and ownership transfers to the new homeowner during the closing process, the deal can still fall through.
- What not to do while under contract for a house?
- Here are some things to avoid in the run-up to the big day:
- Don't Mess with Your Income-to-Debt Ratio. The ratio of your monthly income to your monthly debts is one of the main factors the lender considered when qualifying you.
- Don't disappear.
- Don't change jobs.
- Don't open new credit cards.
- Don't be late.
What does it mean when house for sale is under contract
| What does it mean when Zillow says under contract? | 'Under Contract' is probably the most accurate way to describe a pending or 'contingent' sale. It means the same as the other statuses above; a buyer and seller have agreed to terms and have executed a contract. But, the contract has yet to go to closing. |
| What's the difference between pending and under contract? | Under contract comes right after a buyer's offer is accepted, while pending sale is the last stage before finalizing a deal. While contracts can fall through during either stage, its occurrence is far more likely when a deal is under contract. |
- Is under contract the same as contingent?
- Once your home is under contract, but some contingencies need to be met, your property is considered contingent. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned.
- What is difference between pending and under contract?
- Key Takeaways. “Under contract” means the seller has accepted an offer, but there are still conditions to clear before closing. “Active under contract” means the seller is welcoming backup offers. “Pending” means the home is under contract, and all conditions have been met for the deal to close.
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