“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.
Why would a home be under contract for so long?
If significant repairs are needed, it can prolong the under-contract period as negotiations continue. Another factor that can impact the length of the under-contract period is the financing contingency.
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.
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 is 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.
Does under contract mean sold?
What Does “Under Contract” Mean In Real Estate? Under contract means that a seller has accepted an offer on the property, but the sale isn't final until all contingencies are met. It typically takes 4 – 8 weeks from the date the offer is accepted until the sale is complete.
What does UNDER OFFER mean? If a property is described as being under offer, it means that the owner & the buyer have agreed on a price & a contract has been signed!
— Driven Property Group (@Driven_Property) May 29, 2019
Here is our latest property to go UNDER OFFER - 11 Albion St, Craigie. #perthpropertymarket #perthrealestate # pic.twitter.com/BsvflULqGg
What's the difference between contingent and under contract?
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.
Frequently Asked Questions
What is the difference between pending offer and under contract?
“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 it mean when a house goes from for sale to 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.
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.
FAQ
- What's the difference between pending and under contract?
- Under contract vs. sale pending: What's the difference? While “under contract” typically means there are still contingencies left to clear, pending status usually means all contingencies have been met and the deal is on its way to closing. Pending listings are less likely to accept backup offers.
- What does under contract mean in real estate?
- When you see a listing marked as “under contract,” it means the seller has accepted an offer, but there are still contingencies to clear before the deal can close. Contingencies are conditions added to a real estate contract. If all contingencies of a contract are met, the sale can move forward.
House for sale is under contract what does that mean
| Why would a house be under contract for so long? | If significant repairs are needed, it can prolong the under-contract period as negotiations continue. Another factor that can impact the length of the under-contract period is the financing contingency. |
| What's the difference between under contract and pending? | 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. |
