When browsing through real estate listings, you may come across terms like “under offer” and “under contract.” While they may seem interchangeable, they actually have different meanings in the real estate industry.
Under offer refers to a property that has received an offer from a buyer, but the sale has not yet been finalized. The seller may still be considering other offers or negotiating terms with the potential buyer. During this time, the property may still be available for showings and other buyers may be able to submit their own offers.
Under contract, on the other hand, means that the seller has accepted an offer from a buyer and all the terms have been agreed upon. The sale is now legally binding, and the property cannot be shown or sold to other buyers. The buyer may still need to fulfill contingencies, such as obtaining financing or completing a home inspection, before the sale can be completed.
It`s important to note that the terminology may vary by region or state. In some areas, “under offer” may be used interchangeably with “under contract.” It`s always a good idea to check with your real estate agent or attorney to fully understand the terms and legal implications of any property transaction.
When it comes to searching for properties, understanding the difference between under offer and under contract can help you better navigate the market and find the right home for your needs. If you`re a seller, it`s important to work closely with your real estate agent to determine the best course of action for your property once it receives offers. And if you`re a potential buyer, it`s important to move quickly and decisively once a property you`re interested in becomes under contract to avoid missing out on your dream home.