Listing In Contract In Nassau
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Yes, a property can be under contract and the owner might still accept backup offers. Interested buyers can submit an offer to be considered as a secondary option in case the primary contract falls through.
Hiring a real estate attorney is the best option. An experienced real estate attorney understands all aspects of real estate transactions and what to include in a contract. Another option is using a standard form. Some real estate agents use a standard form containing some required language.
The duration of a house contract varies, typically ranging from 30 to 60 days. Several factors influence this period, leading to variations in different scenarios.
But continuing searching for homes can still cause problems. You might second guess yourself. You might get into a “grass-is-always-greener” mentality that keeps you from moving decisively on what is a good decision. Most agents would recommend against continuing to search after you've begun the contract process.
Sellers with homes listed as “under contract” aren't stating whether they're still accepting offers. You can still make an offer on a home listed as “under contract,” although there's no guarantee a seller will consider it.
What Does Under Contract Mean In Real Estate? Under contract means that a seller has accepted an offer on the property, but the sale isn't final until all contingencies are met. It typically takes 4 – 8 weeks from the date an offer is accepted until the sale is complete.
When you see a listing marked as “under contract,” it means the seller has accepted an offer, but there are still contingencies to clear before the deal can close. Contingencies are conditions added to a real estate contract. If all contingencies of a contract are met, the sale can move forward.
Sale pending: What's the difference? While “under contract” typically means there are still contingencies left to clear, pending status usually means all contingencies have been met and the deal is on its way to closing. Pending listings are less likely to accept backup offers.
