I am looking to buy a house in Australia, Realestate.com.au is pretty good.
When searching for a house, some of the results say that the house is "under contract/ under offer" Does this mean that i shouldn't even bother thinking about them? ... ie what happens if you make an offer? do they only consider it if the contract falls through.
2006-10-01 01:59:30 · 11 answers · asked by BouncingMolar 5 in Business & Finance ➔ Renting & Real Estate
As a long term real estate broker "under contract" is a transition period from listing that could lead up to a sold property. However my experience tells many properties do come back on the market for many reasons such as financial or inspections etc.
If you find a property that you like and it says "under contract-pending sale" talk to the agent/broker about bringing in a back up offer.
If the first offer fall through, often you may be in a great position for the purchase of the home.
Best to you.
2006-10-01 03:58:55 · answer #1 · answered by Jimmy 5 · 1⤊ 0⤋
A house under contract means it has another offer in place. If you find a house you really want that is under offer, I would recommend you write an offer but not get your hopes up. Some houses under contract have unreasonable terms for the seller, and the buyer has a time to exercise the deal or forfeit the contract.. Other houses under contract are just in the process of closing..
Some people will write into the terms of their offer that they will buy a home when their house sells (contingency) if another offer comes through, they have x days to continue the contract or forfeit the contract.
Good luck on finding the perfect home.. IF you are looking over the internet and cant get to Australia in person -- do not write an offer over the internet, I recommend if you can not see the home, to only look at open property. I feel it unwise to hold a potential home because I learned the hard way on realtor.com that a beautiful house with 360 photos and good descriptions and perfect price might not be perfect... The beautiful home we looked at had a 40 foot cliff for a back yard, with beavers on the grounds eating the trees.
2006-10-01 02:10:25 · answer #2 · answered by Dawn M 3 · 3⤊ 0⤋
House Under Contract
2016-09-30 07:54:47 · answer #3 · answered by crase 4 · 0⤊ 0⤋
This Site Might Help You.
RE:
Should houses "under contract" be ruled out when house hunting?
I am looking to buy a house in Australia, Realestate.com.au is pretty good.
When searching for a house, some of the results say that the house is "under contract/ under offer" Does this mean that i shouldn't even bother thinking about them? ... ie what happens if you make an offer?...
2015-08-16 14:17:36 · answer #4 · answered by Cynthea 1 · 0⤊ 0⤋
I don't know how real estate is handling in Australia, but here in the US, a property can be under a "contingent" contract, meaning the buyer either has a home to sell first, or there is an inspection on the property that the buyers requests. Should you rule them out, no I'd say check to see if the contract is expected to be consummated.
2006-10-01 02:34:03 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Not sure of the laws in OZ, but in the UK if it hasn't gone to exchange of contracts, other offers will be considered as an accepted offer is not legally binding in the UK. In the US, a contingent offer can be submitted but it will not be presented to the seller until the current contract falls through as an accepted offer is legally binding in the US.
Check with a local real estate agent or broker for information in your jurisdiction.
2006-10-01 05:07:55 · answer #6 · answered by Bostonian In MO 7 · 2⤊ 0⤋
If you're thinking about buying a house that hasn't been built yet, or is still under construction, don't. Everyone I know who did that regretted it -- delays, cost escalations, the works. I'm not sure what the term means in Australia, but don't make any offer without having a real estate lawyer check it through first. Costs money, but it's worth it.
2006-10-01 02:07:45 · answer #7 · answered by stevewbcanada 6 · 0⤊ 1⤋
houses contract ruled house hunting
2016-01-30 07:03:13 · answer #8 · answered by Dexter 5 · 0⤊ 0⤋
No, let the agent know you are interested if it comes back on the market. A lot of contracts fall through.
2006-10-01 02:08:34 · answer #9 · answered by Anonymous · 3⤊ 0⤋
Don't mess with it. Why complicate the process any more than it already is?
2006-10-01 06:39:32 · answer #10 · answered by Delta Charlie 4 · 1⤊ 2⤋