Can someone buy a house under contract?

Can someone buy a house under contract?

Even if you have a verbal agreement in place to buy a property, it is not officially “off the market” until contracts have been signed and exchanged by both the vendor and buyer.

What is the difference between pending and under contract?

What does pending sale mean? This means that the home is under contract and all contingencies have been removed. A pending sale is further down the home buying timeline than a property that is under contract. Many seller’s agents will not continue accepting offers on homes once they have gone pending.

Can a house be sold under contract to someone else?

A sales contract between you and the seller is a legally binding agreement, but don’t assume the deal exists just because you both signed on the dotted line. In California and other states, a contract isn’t legally binding until something of value gets exchanged.

Can a home seller under contract still accept a higher offer?

“Breach of contract could lead to a lawsuit that still results in the sale to the initial contracted buyer, except with the costs of going to court reducing the profit,” says Barry Richards, a real estate agent with EXITRealty Garden Gate Team in White House, TN. Can home sellers accept backup offers?

What does it mean when someone offers to buy your house?

This would be normal if your house is currently listed for sale, but if you have not put your house up for sale, this is considered an unsolicited offer. An unsolicited offer is an offer made by an individual, investor, or company to buy a home from someone not actively seeking a buyer.

Can a buyer change his mind on the sale of a house?

If you’ve signed all the closing documents, and the deed was signed and recorded, no, you can’t change your mind. You now own the property. The only way to reverse the sale is if you discover serious defects in the home that the buyer failed to disclose at the time of the sale.

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