Can you still buy a house that is under contract?
While in attorney review, which precedes the property going under contract, a seller can entertain – and accept – another offer.
Once under contract, back up offers can be held.
You can make an offer at any time, but the sellers cannot just walk away from their contracted buyer, no matter how good your offer is.
How long can house be under contract?
There’s no standard time a home is “under contract” while 45 days+/- may be somewhat standard, it depends on what the contract between buyer and Seller stipulates for a diligence period and closing date. It goes “under contract” the day the contract is signed.
What does it mean when a property is under contract?
An active listing means the house is on the market and available for purchase. A pending sale is one that’s moving toward closing. An “under contract” status means there’s an accepted offer on the house, but the sale is still in an early, and perhaps precarious, stage.
How long can house be under offer?
The average time is about four to five weeks. But that means that although your property is under offer, the Missives (the Sale Contract) will only be progressed and a legally binding contract achieved once the buyer has received their mortgage offer.