What does under contract mean when selling a house

Introduction

Getting 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.

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Under contract is a stage in the home selling process that happens after the seller has accepted an offer and before the closing date.

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).

The length of time it takes to close varies, but generally homes are under contract for 30-45 days.

• The length of time it takes to close varies, but generally homes are under contract for 30-45 days.
• The closing date is the date you will sign the final paperwork, and the buyer will pay the full amount of the sales price. The closing date can be negotiated depending on your circumstances.

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.

• 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. The most common are having the inspection and appraisal come in at the appropriate price range, so ask your real estate agent how he or she handles these situations.

You may be able to back out of your contract if contingencies aren’t met or if someone else makes a better offer.

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.

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.

How selling with Richr protects you when selling your home

Richr’s full-service platform makes selling your home easier than ever.

• Richr handles the paperwork – so you don’t have to. We collect all the documents from buyers, including earnest money and other deposits, along with your contracts and disclosures. You can access these documents at any time through our web portal or mobile app.
• Richr provides negotiation support – helping you get top dollar for your listing. Our agents are trained in negotiating techniques that will ensure you get the best possible price on your home when it sells.
• Richr reviews all offers – so there are no surprises on closing day! Our team of experts carefully reviews each offer received to ensure that they meet all requirements in order to move forward with an accepted offer without delay or hassle on either side of the transaction process (buyer or seller).

Conclusion

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