Real Estate Tip of the Week: Homes & Being Under Contract
The real estate market is incredibly hot right now – sellers are receiving multiple offers at a time, and buyers are trying to seal the deal on the house of their dreams!
If you’re a current buyer, then you know what it means to finally find the home you’ve been searching for. However, what if you’ve found the home, but it says “under contract”? What does that mean?
When a listing is labeled as being “under contract,” there are still contingencies along with the offer that need to be sorted before closing. These contingencies might be a home inspection, home appraisal, or the sale of the buyer’s current home.
Homes are usually under contract for about 30 to 45 days, so it might take a while to hang in the shadows waiting to see if the contract closes.
If you’ve found an under contract home that you absolutely love, it wouldn’t hurt to talk with your real estate agent and try and put in an offer. While only 20% of homes that are under contract end up falling through, it’s still worth the chance and opportunity to reach out to the seller agent with an offer.
After a home has cleared their contingencies, the next stage is to have a “sale pending” listing. If you’re a buyer and stumble upon a home with this listing, it’s probably best to look for another house.
At this point in the transaction stage, it’s very likely that the home will close without any issues – so your offer in the home wouldn’t really change anything.
For more real estate tips, stop by AmeriTitle’s Blog!