Real Estate 101: Your weekly real estate insight!
Posted: January 10, 2016 by Katie Moore
How many times in the real estate process has your realtor mentioned a term that you recognize but don't completely understand? A little embarassed to ask what it means because you feel like you already should know? Every week, I'm going to post different terms, parts of the real estate process, etc that I feel like would be helpful in your real estate transaction. Now presenting.... Real Estate 101: Your Weekly Real Estate Insight! Enjoy!
First on tap is:
What does it mean to be "under contract"?
The term "under contract" means the buyer and seller are in agreement to a sales price and conditions of the Offer to Purchase and Contract. Both parties have signed this contract. The house is not yet sold. The buyer will begin their loan process, home inspection, etc that are needed to complete the transaction. Typically it takes 30-45 days from the date an offer is accepted unti the sales contract "closes" and the sale is complete.
The home will go PENDING on the MLS and sellers will stop showing their property. However, in some situations, the house can continue to be shown and sellers can accept back up offers while under contract. Sellers may not enter into a contract with any other buyers.