Seeing 'Under Contract' on a real estate listing can be both exciting and frustrating. It signifies that the seller has accepted an offer from a buyer, but the deal isn't finalized just yet. Think of it as being in 'real estate limbo'!
So, what exactly does 'under contract' mean? It means the seller and buyer have agreed on a price and terms, signing a legally binding agreement. However, several contingencies (like inspections, financing, or appraisal) typically need to be cleared before the sale is complete.
During this period, the buyer performs due diligence, ensuring the property meets their needs and the financing is secured. The seller, on the other hand, waits and hopes everything goes smoothly! While rare, deals can fall through during this stage, putting the property back on the market. So, if you see 'Under Contract - Accepting Backups,' there's still a chance! Keep an eye on those listings – your dream home might just become available again.
