Can You Make An Offer On A House That Is Under Contract?
Have you thought about purchasing a home? Unfortunately, it is difficult to buy right now. The market is tight since there are few properties and so many buyers. Nevertheless, there are still a few gems out there. It is a good idea to explore your options and find out if one of these homes matches your needs. When scouring the options in your city and nearby cities, you’ll likely find homes that are marked as under contract. What does this mean?
Can you make an offer on one of these homes? Readers will learn more about houses that are under contract in the guide below.
What Does It Mean?
First, it would be wise to learn more about this term. What does it mean? When checking available properties on Zillow and other websites, you’re going to find that some are under contract. Ultimately, it means that the seller of the property has accepted an offer on the home. Nevertheless, there is always a chance that you’re going to get the chance to buy it. Before the home can be sold, all contingencies have to be fulfilled. For instance, the buyer may not purchase the property until they’ve sold their existing home.
Alternatively, it could depend on the outcome of the inspection or appraisal. Although the home is under contract, there is still a chance that you’ll be able to purchase it soon. What does it mean house under contract? The house is one step closer to being sold, but the deal could still fall apart. It is a good idea to keep an eye on the property because you might get another chance to make an offer on it.
Understanding Contingencies
When a house is under contract, he will likely need to meet certain contingencies before it can be sold. For instance, the buyer may have to sell their current home before the deal will be sealed. There are financial contingencies, appraisal contingencies, and inspection contingencies as well. All have to be fulfilled before the home can be sold. If there is an inspection contingency and the inspector finds several flaws, the deal might fall through. With this in mind, you must remember that there is always a chance to swoop in and buy the property.
Making An Offer On A Home That Is Under Contract
If you’ve found your dream home and it is under contract, you may want to watch it closely. Can you make an offer on the home? Ultimately, there is no universal answer. Instead, it depends on the type of contingency being used. In some cases, the house will say “under contract – show listing”. If this is the case, you can indeed make an offer. The seller can still accept backup offers. Alternatively, the listing may say “no show listing”. In this scenario, you will not be able to make an offer on the home.
Still, it is wise to watch homes that are under contract because the deal may fall apart before you know it. Doing so is a good way to purchase your dream home regardless.
