When a house is under contract, it means that the seller has accepted an offer from a buyer, but the sale has not yet been finalized. This period between when the offer is accepted and the sale is completed is known as the under contract phase, and it can last anywhere from a few days to several months.
During this time, both the buyer and seller are typically working to satisfy the conditions of the sale. For the buyer, this may include securing financing, completing a home inspection, and conducting any necessary repairs or renovations. For the seller, it may involve packing up their belongings and preparing to move out.
One important thing to note is that while a house is under contract, it is generally not available for other potential buyers to view or make offers on. This is because the seller has already committed to selling the property to the buyer who has made the accepted offer, and they are not accepting any new offers at this time.
If the conditions of the sale are not met during the under contract phase, the sale may fall through and the property will become available again. However, if everything goes smoothly and all conditions are met, the sale will be finalized and the buyer will take possession of the property.
For buyers, the under contract phase can be a nerve-wracking time. There is always the possibility that something could go wrong and the sale could fall through, which can be disappointing and frustrating. However, it is also an exciting time as buyers get one step closer to owning their dream home.
As a seller, it is important to be patient during this phase and work with the buyer to ensure that all conditions of the sale are met. It is also important to be prepared to move out on the agreed-upon closing date, which is typically several weeks after the offer is accepted.
In conclusion, when a house is under contract, it means that the sale is in progress but has not yet been completed. This is a critical time for both buyers and sellers, as they work to satisfy the conditions of the sale and prepare for a successful closing. By understanding the under contract phase, buyers and sellers can approach the home buying and selling process with confidence.