Can I Buy a House That Is Under Contract?
If you`re in the market for a new home, you may ask yourself if you can buy a house that is under contract. The short answer is yes, it is possible to purchase a home that`s under contract. However, the process can be complicated and may require some patience.
When a seller accepts an offer from a buyer, they sign a contract that outlines the terms of the sale. At this point, the house is considered “under contract,” meaning that the buyer has a certain amount of time to complete the purchase. During this time, the seller is legally bound to sell the property to the buyer who made the offer.
If you`re interested in purchasing a house that`s already under contract, there are a few things you should keep in mind. Here are some tips to help you navigate the process:
1. Check the Contingencies
First and foremost, you`ll want to check the contingencies outlined in the contract. Contingencies are conditions that must be satisfied before the sale can go through. For example, the buyer may have included a contingency stating that they must obtain financing before the sale can be completed. Make sure you understand all of the contingencies before making an offer on the property.
2. Get Your Financing in Order
If the buyer has included a financing contingency, you`ll want to make sure you have your financing in order before making an offer. This means getting pre-approved for a mortgage and having a clear understanding of your budget.
3. Make a Backup Offer
If you`re really interested in the property but it`s already under contract, you can make a backup offer. This means that if the first offer falls through for any reason, your offer will be considered next. This can be a good strategy if you`re willing to wait for the first offer to expire.
4. Be Patient
Finally, you`ll need to be patient. If you`re going to make a backup offer or wait for the first offer to fall through, you may need to wait several weeks or even months before you find out whether you`ve been successful in purchasing the property.
In conclusion, it is possible to purchase a home that`s under contract. However, the process can be complicated and may require some patience. If you`re interested in buying a house that`s already under contract, make sure you understand all of the contingencies in the contract, get your financing in order, consider making a backup offer, and be prepared to wait patiently for the process to play out.
