Can you make an offer on a house that is active under contract?
Can I make offers on homes that are listed as 'active under contract'? You can. But sellers can't accept your offer if they've already signed a purchase and sales agreement with other buyers, even if your offer is higher. If the sale doesn't reach closing, though, the sellers can consider your offer.
Does under contract mean sold?
The Bottom Line: A Home Under Contract Isn't Quite Sold Yet
A home that's under contract indicates a seller has accepted a buyer's offer to purchase the property. But before the sale of the home can actually close, certain contingencies must first be met. Otherwise, the deal can still fall through.
What is the difference between pending and closing?
When a home is listed as “pending,” it means that there is a closing date set and that all contingencies have been met or waived. At this time, the lender and the escrow company are busy working with the loan and title documents to be sure that everything will be ready by the closing date.
What's the difference between contingent and under contract?
Once your home is under contract, but some contingencies need to be met, your property is considered contingent. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned.
Can a seller accept other offers while under contract?
While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. Once both parties have signed it, however, the seller is pretty much locked into the deal.
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What does pending contract mean in real estate?
What is a PEnding Contract? A pending contract occurs when an offer presented by the buyer's agent to the listing agent is accepted. Once that offer has all parties' signatures then you have an "executed" or “pending” contract.
How long do most houses stay pending?
But on average, homes are listed as pending for 30 – 60 days. If the buyer is paying in cash, they may close on the house much sooner.
Frequently Asked Questions
What comes first under contract or pending?
To put it simply, pending vs. under contract refers to the stage in the homebuying process. A sale is first listed as under contract and once the stipulations have been successfully met, it is then considered a pending sale.
What comes first pending sale or under contract?
Under contract comes right after a buyer's offer is accepted, while pending sale is the last stage before finalizing a deal. While contracts can fall through during either stage, its occurrence is far more likely when a deal is under contract.
What does it mean when a house is listed for sale and it says under contract?
A property that's under contract is one that the seller has previously accepted an offer on from a buyer. However, until all contingencies on the home are met and ownership transfers to the new homeowner during the closing process, the deal can still fall through.
FAQ
- What makes a house go from under contract to pending?
- Key Takeaways. “Under contract” means the seller has accepted an offer, but there are still conditions to clear before closing. “Active under contract” means the seller is welcoming backup offers. “Pending” means the home is under contract, and all conditions have been met for the deal to close.
- What does it mean when a house changes to pending?
- A pending sale in real estate simply means that the seller has received and accepted an offer on their home. However, the deal is not yet finalized — hence “pending” and not simply “sold.” If you're interested in a pending property, your agent should consult with the seller's agent to learn more about the status.
- Can you still make an offer on a pending house?
- If the real estate listing has a pending status, it's still possible for you to put in a bid on the home yourself. But keep in mind: It's unlikely that the seller will be able to seriously consider your offer unless the other sale falls through.
What does contract pending mean in real estate
| Does pending mean under contract on Zillow? | What does it mean when a house is pending or contingent? When your real estate listing goes from “active” to “pending,” it means you've accepted an offer, but the sale hasn't closed yet. (You'll also hear real estate agents use the phrase “under contract” for this post-offer, pre-close time period, too). |
| Is pending or under contract further along? | Sale pending means that the property is under contract, but there are no longer any contingencies. This stage is further along in the sale process than simply “under contract,” meaning that the sale of the property is more likely to finalize. |
| What does it mean for real estate when it says contract pending | May 10, 2022 — When a property is marked as "pending," it means that the property is under contract and that all contingencies have been cleared. A contingency |
- What does it mean when a house is under contract option pending?
- Option Pending status of the listing means that house is under binding contract and that during the Option Period (number of days in the contract as agreed by buyer and seller) buyer has unrestricted right to terminate the contract for any reason.
- Is under contract the same as contingent?
- Once your home is under contract, but some contingencies need to be met, your property is considered contingent. A contingent contract means that some condition hasn't yet been met, and both parties have not agreed to move forward with executing the deal as planned.
