When you’re searching for a new home, you might come across the term “house under contract” on websites like Movoto. This term can be confusing to those who are unfamiliar with the real estate industry. So, what exactly does “house under contract” mean on Movoto?

In simple terms, a house under contract means that a buyer has made an offer on the property, and the seller has accepted that offer. At this point, both parties are legally bound to go through with the sale, assuming the conditions of the contract are met.

So, why is a house listed as under contract rather than sold? The answer lies in the fact that the sale is not yet complete. While the buyer and seller have agreed to the terms of the sale, there are still a few steps to be taken before the property changes hands.

For example, the buyer may need to secure financing or complete a home inspection. If either of these steps reveals a problem with the property or the buyer’s ability to purchase it, the contract could fall through. In addition, there may be contingencies in the contract that need to be satisfied before the sale can be completed.

So, why does this matter to you as a homebuyer? If you’re interested in a property that’s under contract, you may be able to make a backup offer. This means that if the contract falls through, you’ll be next in line to purchase the property. Depending on the specifics of the situation, the seller may be open to considering backup offers.

It’s important to note that just because a property is under contract doesn’t mean you should give up on it entirely. While your chances of purchasing the property may be lower, there are still potential opportunities to consider. And of course, there are always new properties hitting the market, so if a certain house doesn’t work out, keep searching!

In conclusion, “house under contract” means that a buyer has made an offer on the property and the seller has accepted. However, the sale is not yet complete, and there are still steps that need to be taken before the property changes hands. If you’re interested in a property that’s under contract, you may be able to make a backup offer. And, as always, there are plenty of other properties out there to consider!