When searching for a new home, you may come across listings that say «under contract». This means that the seller has accepted an offer from a buyer but the sale has not yet been completed. The house is essentially off the market until the sale is final.

What happens during the under contract period?

During this time, the buyer will typically have a certain amount of time to complete their due diligence, such as getting a home inspection and securing financing. If any issues arise during the due diligence period, the buyer can negotiate with the seller to have them fixed or get a credit towards the repairs. If the buyer is unable to secure financing or if the inspection reveals major issues, the contract can be terminated and the house will go back on the market.

How long does the under contract period last?

The length of the under contract period can vary, but it typically lasts anywhere from 30 to 60 days. The length of time depends on the terms negotiated between the buyer and seller, as well as the buyer`s financing timeline.

Can you still make an offer on a house that is under contract?

Technically, yes. However, the seller is unlikely to consider any new offers while they are under contract with another buyer. In the rare case that the first contract falls through, the seller may reach out to other potential buyers who have shown interest in the property.

Should you still consider a house that is under contract?

It`s up to you. If you find a house that is under contract but you`re still interested in it, you can ask your real estate agent to monitor the situation and let you know if anything changes. Keep in mind that even if the first contract falls through, the seller may have already addressed any issues that were discovered during the due diligence period.

In conclusion, «under contract» means that a seller has accepted an offer from a buyer but the sale has not yet been completed. The under contract period can vary in length, and no new offers will typically be considered during this time. However, if you`re still interested in the property, you can ask your real estate agent to monitor the situation.