Agent A-Team or Solo Superhero? Finding the Right Real Estate Partner for Your Selling Journey in Wildwood Florida
When it comes to selling your home in Wildwood, Florida,…
January 29, 2024Getting ready to sell your home? You’re probably wondering what that “under contract” status means in the home-selling process. Under contract is a stage in the home-selling process that happens after the seller has accepted an offer and before the closing date. The length of time it takes to close varies, but generally homes are under contract for 30-45 days. Your home is still on the market while under contract. If another buyer makes a higher offer, you have the right to accept or deny it. You may be able to back out of your contract if contingencies aren’t met or if someone else makes a better offer.
Under contract is a stage in the home selling process that happens after the seller has accepted an offer and before the closing date. At this stage, you can still back out of your deal, or renegotiate some terms if necessary. You also have the option to accept other offers while under contract with another buyer. As soon as the contract is signed and filed with your local county recorder’s office, it becomes official and binds you to sell your house at its listed price (unless otherwise specified).
If you can’t sell your home, you may be able to cancel the contract. However, if you go this route and can’t find another buyer for your property within a reasonable amount of time (which varies from state to state), then you might have to pay a penalty.
In some cases, buyers may back out of the contract if they find a better deal with another house or if they need more time to come up with the funds needed for their down payment.
Overall, being under contract means you’re on your way to selling your home. You have a buyer who’s interested in making a purchase and has agreed to the terms of the contract. You’re protected from other offers coming in and are moving forward with an agreed-upon deadline for closing. The process is moving along as scheduled, but there are still steps that need to be taken before this journey into homeownership comes to its conclusion.
Richr’s full-service platform makes selling your home easier than ever.
When you’re under contract, you don’t just want to be protected by Richr, but also informed. We’ve made sure to cover all the bases here—from what being under contract means for sellers and buyers to what your rights are as a homeowner going through this process. If you have any questions about selling your home or buying a new one in general, please visit our website at richr.com
If you want the Richr team to help you save thousands on your home just book a call.