Under Contract House
If you`re in the market for a new home, you may have come across the term “under contract house.” But what does it mean, and what should you know before pursuing one of these properties?
An under contract house is simply a home that has an accepted offer from a buyer, but the sale has not yet been completed. The seller may continue to show the property to other potential buyers, but they cannot accept any further offers until the current deal falls through.
So why would you want to pursue an under contract house? For one, it can signal that the home is in high demand and may be a desirable property. It also means that the seller is motivated to sell, as they have already accepted an offer.
However, it`s important to note that just because a home is under contract does not mean the deal will definitely go through. The buyer may decide to back out for various reasons, such as issues with financing or inspections. Additionally, the seller may find ways to terminate the contract if the buyer fails to meet certain terms.
If you`re interested in an under contract house, it`s important to work with a real estate agent who can help guide you through the process. They can provide you with information on the current deal, any contingencies that may still need to be satisfied, and whether it`s worth pursuing the property.
It`s also important to have your financing in order if you`re considering an under contract house. The seller will want to see proof that you can secure the funds needed to complete the sale, so having a pre-approval letter in hand can give you a leg up on other potential buyers.
In conclusion, an under contract house can be a good option for buyers looking for a desirable property that is already in demand. However, it`s important to proceed with caution and work with a knowledgeable real estate agent to ensure that you`re making an informed decision. With careful consideration and the right resources, you may just find the perfect home that`s under contract and waiting for you.
