2006-07-14 05:15:02 · 18 answers · asked by sweet_babbe 2 in Business & Finance ➔ Renting & Real Estate
Someone has agreed to buy the house but has not closed on it yet. In some markets it's called "Contract Pending". Sometimes the deal still could fall through... for example if the deal was contingent on the buyer getting financing, on passing the home inspection or on some other clause.
It's possible the person meant a contract sale, which is totally different.
2006-07-14 05:17:50 · answer #1 · answered by Sir J 7 · 3⤊ 0⤋
Under Contract
2016-11-07 06:29:23 · answer #2 · answered by watt 4 · 0⤊ 0⤋
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Your bid is a contract. The agent is simply letting other people know that the property you want has a bid/contract on it. That's all. Realtors are required to do that by law. A short sale means that your contract is below the amount of the loan that exists on the property. The mortgagee will look at the offer and decide whether to accept it. It can take a while for that to happen, but in the meantime the house is "under contract". By you.
2016-04-07 02:05:52 · answer #3 · answered by ? 4 · 0⤊ 0⤋
The real estate term “under contract” means that a binding agreement exists between a buyer and a seller of property. The buyer and the seller are in agreement with the terms in the contract. When a property is under contract, the seller may not enter into contract with any other buyer. This is because the buyer is under obligation to purchase to property from the seller.
2015-05-04 22:02:26 · answer #4 · answered by Ankita 1 · 1⤊ 0⤋
Too many definitions for one simple question.
Simply put "under contract" means exactly that. Both parties have agreed to certain conditions of the contract therefore are executing the provision of the contract heading towards the closing of the deal. In certain circumstances the deal could still fall through.
2006-07-14 09:08:23 · answer #5 · answered by SCCRealEstateUNCENSORED.com 3 · 0⤊ 0⤋
For newbies, understanding UNDER CONTRACT may be difficult as there are number of definition available. A definition for the term is : Property is under contract...one party has made an offer and, the sellers has also accepted it and both are just waiting for inspection, few queries or final approval.
2014-03-02 15:59:10 · answer #6 · answered by Anonymous · 1⤊ 0⤋
It means that a bid has been put on the house and the potential buyers have signed a contract. Usually it also means they are working out the finances, either selling a previous home or awaiting mortgage finalization. They want the house, have bid and the bid is accepted but they can't go to closing just yet.
2006-07-14 05:19:13 · answer #7 · answered by Taztug 5 · 0⤊ 0⤋
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RE:
what does UNDER CONTRACT"! mean in real estate?
2015-08-07 06:28:55 · answer #8 · answered by Anonymous · 0⤊ 0⤋
This usually means the seller has reached an agreement to sell the home and it has not yet closed. They might be doing home inspections, waiting for the buyer to sell his or her house, or just waiting for the loan to be approved and the closing date to arrive. For the most part, it is not useful to go see a house that is under agreement, if the seller will even allow it to be shown. The agent for the seller can use the fact of your interest to scare the buyer into removing any contingencies (or settling for less than they might have). I would recommend you wait to see if it comes back on the market and then go see it.
2013-09-15 19:28:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
generally speaking, "under contract" means that the buyer and seller have agreed to the terms of a real estate purchase agreement.
2006-07-14 05:29:22 · answer #10 · answered by jimmy dean 3 · 0⤊ 0⤋