trying to buy a foreclosure home and is listed as undercontract
2007-02-23 02:54:33 · 5 answers · asked by SANDRA G 1 in Business & Finance ➔ Renting & Real Estate
That means that someone has put an offer in and they have accepted the offer.
2007-02-23 02:59:17 · answer #1 · answered by healthspot_2000 4 · 1⤊ 0⤋
It means the house is for sale and an interested buyer has made an offer backed up by earnest money deposited in some title and abstract company. Usually people deposit 1-5 thousand dollars on a home valued bet 1 and 3 hundred thousand to establish their good faith and interest in buying the home. If the seller accepts the offer, and the bank financing the loan approved the transaction, the house is sold. If the person making the offer backs out, the $$ put down is lost.
2007-02-23 11:29:19 · answer #2 · answered by Danver 3 · 0⤊ 0⤋
What the first poster said. There is an actual legal contract signed by both seller and potentional buyer. You cannot get a house that is already under contract unless for some reason the contract falls through - like if the buyer gets turned down for financing or some other reason.
If you are not working with a realtor, you should consider it. A realtor can navigate all the muddy waters of home purchasing for you.
2007-02-23 11:07:01 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Hi!
It means someone has signed a prelimenary contract to buy the house. I always thought a deposit had to be made..but it's not so...but could be..depnding on what is in the contract.
It's just an agreement..a contract. It does not prevent either party from backing out of the contract..or showing the house to someone else.
The penalties for backing out of the contract are in the contract itself..so that depends on what is agreed to in the contract.
I am no expert on this..just close to someone who is selling her house. Even though it is under contract..she showed it to someone else today..even through a different realtor. I don't even begin to understand what is going on..and..to be honest..prefer not to know.
2007-02-23 11:05:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That means the contracts were signed. Someone beat you to it.
2007-02-23 11:26:31 · answer #5 · answered by KathyS 7 · 0⤊ 0⤋