If you’re looking to get into the real estate market, now is a great time. Prices are rising, but a wide selection of properties is still available. Whether you’re looking for a new home or an investment property, there are plenty of options. Talk to a real estate agent if you’re unsure where to start. They can help you find the right property for your needs and budget. With their help, you can get into the real estate market and start building your future today.
What Does Active Under Contract Mean In Real Estate?
Active under contract is a term used in real estate to describe a property that is under contract but is still accepting showings and being actively marketed. This is usually done to generate additional interest in the property and to ensure that the property sells for the highest possible price.
Active under-contract properties are usually listed on the MLS (Multiple Listing Service), and potential buyers can schedule showings with the listing agent. Sometimes, the seller may accept backup offers if the primary contract falls through.
Suppose you’re interested in buying an active property under a contract. In that case, working with an experienced real estate agent who can help you navigate the process and negotiate the best possible price is essential.
What’s The Difference Between Pending And Under Contract?
There are a few key differences between a home that is pending and one that is under contract. For a home to be listed as pending means the home is under contract, and there are no longer any contingencies on the sale.
This means that the buyer and seller have agreed on all of the terms of the sale and are just waiting for the transaction to be finalized. Once a home is under contract, the buyer has typically already gone through the inspection process and is just waiting for the closing date.
Can A Seller Accept Another Offer While Under Contract?
It is not uncommon for a seller to receive another offer on their home while they are already under contract with another buyer. While this may seem unfair to the original buyer, the seller is within their rights to consider and accept another offer. The seller is free to entertain other offers until both parties sign a contract.
This is often seen when the original buyer cannot obtain financing, or their loan falls through. In these cases, the seller may work with the new buyer to see if they can meet the original contract’s terms. If not, the seller may then accept the new offer.
Can a seller accept another offer while under contract in Florida?
Understanding the basics of contract law when selling a home in Florida is essential. A contract is a legally binding agreement between two parties. When a seller and buyer sign a contract for a home sale, the seller agrees to sell the home to the buyer for the agreed-upon price.
The buyer agrees to pay the seller the agreed-upon price for the home. Once a contract is signed, the seller is not allowed to accept another offer for the home. If the seller tries to back out of the contract, the buyer can take legal action against the seller.
Can Sellers Increase Price After A Contract Is Signed?
It is commonly believed that sellers cannot increase prices after a contract is signed. However, this is not always the case, and there are certain situations in which a seller may be able to increase the price of an item or service.
For example, if the original contract was signed under duress or if there has been a material change in the circumstances surrounding the sale (such as an increase in the cost of materials), then the seller may be able to renegotiate the terms of the contract.
However, it is essential to note that such cases are rare and that most contracts are binding. Therefore, increasing prices is generally not advisable after a contract is signed if you are a seller.
Can You Tour Properties That Are Active Under Contract?
It is not uncommon for sellers to not allow tours of their home while it is Active Under Contract. There are several reasons why this may be the case. First and foremost, the seller may not want to deal with the added hassle and inconvenience of having strangers come through their home while selling it.
Additionally, the seller may be concerned that potential buyers will be deterred by the fact that the home is already under contract and may be less likely to make an offer. Ultimately, it is up to the seller to decide whether or not to allow tours of their home while it is Active Under Contract.
Can You Make An Offer On A House That Is Under Contract?
A new buyer can make an offer on a property already under contract. This is known as a backup offer. The backup offer is contingent upon the first contract falling through. The backup offer will not be considered if the first contract does not fall through.
The benefit of making a backup offer is that it gives the buyer a chance to purchase the property if the first contract falls through. The downside of making a backup offer is that the buyer may not be able to purchase the property if the first contract does not fall through.
Frequently Asked Question
Can a seller back out of a contract before closing?
It is not uncommon for a seller to change their mind and back out of a contract before closing. This can happen for various reasons, such as the seller receiving a better offer from another buyer or having personal reasons for wanting to back out of the deal.
In most cases, the seller can walk away from the deal without penalty. However, there are some situations where the seller may be required to pay the penalty for backing out of the contract, such as if they have already accepted a deposit from the buyer.
Can you find out how much someone has offered on the house?
You may be wondering if you can find out how much someone has offered on the house. After all, it would be helpful to know what other offers are being made so that you can make a more informed decision about your offer.
Unfortunately, estate agents cannot legally tell you how much the other offers are for. This is because doing so could potentially create a situation in which two buyers are bidding against each other, driving up the price of the house. Ultimately, it is up to the seller to decide whether or not to disclose this information to potential buyers.
How long after signing contracts are they exchanged?
It is typically between one to four weeks after signing contracts that they are exchanged. This is done to allow any final changes to be made to the contracts before they are legally binding.
Once the contracts are exchanged, both parties are then legally obligated to fulfill their respective duties outlined in the contract. If either party fails to do so, they may be held liable in a court of law.
Can I change my mind after signing a purchase agreement?
Changing your mind after signing a purchase agreement for a house is possible. If you have signed a contract, there are no repercussions for backing out of the purchase. This is because the contract is not legally binding until it is finalized.
The finalization process typically includes a loan approval and a home inspection. If you change your mind after signing a contract, you will likely forfeit your earnest money deposit, which is used to show that you are serious about the purchase. You may also be sued for breach of contract, but this is rare.
The “active under contract” status on a real estate listing means that the property is still available for sale but that an offer has been accepted and the sale is pending. This is usually a good time for buyers to put in their offers, as the seller may be more willing to accept a lower price if they are already under contract.