If you`re in the market for a new home, you may have come across a listing that says it is “under contract.” But what exactly does this mean?

When a home is listed as “under contract,” it means that the seller has accepted an offer from a buyer, but the sale has not yet been finalized. There are still a few steps that need to be taken before the deal is officially complete.

During this time, the home is essentially off the market. The seller cannot accept any other offers, and interested buyers cannot tour the property or submit an offer. However, there are some exceptions to this rule. In some cases, the seller may accept backup offers in case the current deal falls through.

So, what happens during the period between when a home is under contract and when it officially sells? Typically, the buyer will have an inspection done on the home to make sure there are no major issues that were not disclosed during the initial offer. If any issues are found, the buyer may ask the seller to make repairs or offer a credit to cover the cost of repairs.

The buyer will also need to secure financing for the home if they haven`t already done so. This may involve getting pre-approved for a mortgage and completing other paperwork with their lender.

Finally, there will be a closing date set, which is when the sale will be finalized. At this point, the buyer will sign all of the necessary paperwork and transfer funds to the seller. Once this is done, the home officially changes hands.

So, if you see a home for sale that is listed as “under contract,” it means that the home has been spoken for, but the sale hasn`t yet been completed. If you`re interested in the property, you may want to contact the seller`s agent to see if they are accepting backup offers in case the current deal falls through. Otherwise, you`ll need to keep looking for another home that meets your needs and budget.