If you`re in the market for a new home or simply browsing listings for fun, you may have noticed that some properties on Zillow are labeled as „under contract.“ But what does this phrase mean, exactly? In short, it means that a buyer has made an offer on the property and the seller has accepted it, but the sale has not yet closed.
When a house is listed as under contract on Zillow, it`s important to understand that the deal is not yet final. While the buyer and seller have agreed on a price and other key terms, there are still several steps that need to be taken before the sale can be completed. These might include things like scheduling an inspection, securing financing, and resolving any contingencies in the contract.
So, why do buyers and sellers choose to enter into a contract before the sale is finalized? For the buyer, it allows them to lock in a purchase price and ensure that the property will not be sold to someone else while they complete the necessary steps to finalize the sale. For the seller, it provides some amount of certainty that the deal will go through, which can be particularly important if they are looking to buy another property or have other financial considerations.
It`s worth noting that even when a house is under contract, it may still be shown as available on other real estate websites or through other channels. This is because the terms of the contract may specify a certain period of time during which the buyer can back out of the deal with no penalty. Until the sale is officially closed, there is always a chance that it may fall through.
So, what should you do if you come across a property on Zillow that is listed as under contract? If you`re a buyer, you can still express interest in the property and even put in a backup offer in case the current deal falls through. Similarly, if you`re a seller, you may want to continue showing the property and accepting backup offers in case the current deal falls through.
Overall, understanding what it means when a house is under contract on Zillow is an important part of navigating the real estate market. By knowing what to expect, you can make more informed decisions as a buyer or seller and be better prepared for the various twists and turns that can arise during the buying process.
