Saving money for a down payment on a home is no easy feat, which is why I started looking into various ways to make sure that I had things sorted out like I should. I began working with a real estate agent to chat about what to do and how to start saving, and they explained how much I needed if I wanted to avoid private mortgage insurance, and when the market typically trended upwards. It was really neat for me to see everything I could do with the advice, and saving became easier after I had a clear goal. Find out more about real estate by reading this blog.
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What You Should Know About A House That Is Under Contract
Cathy Frazier
In real estate, there can be a lot of terms that you do not understand, especially if this is the first house you are buying. One of the terms you might come across is the words "under contract." If you see these words with a house listing and are not sure what this means, here are three things you should know.
An offer was accepted
For a house to actually sell, a buyer must make an offer and the seller must accept it. Additionally, both parties must work towards closing on the house, and the closing must take place. When this happens, the sale goes through. In order for a house to be under contract, the seller has accepted an offer, but the deal is not yet done. The two parties must actually go through the steps required to close on the deal, and this can take time. During the time they are working on closing on the house, the house is considered under contract.
The deal could fall through
When a house is under contract, it is not a done deal. In other words, the deal could fall through, and it could fall through due to a problem with either the buyer or the seller. When the buyer is at fault for causing the deal to fall through, it is often because he or she cannot get financing. When the seller is at fault for this, it is often because the house has problems discovered in the home inspection or because the house did not appraise for the right amount. In either case, a house that is under contract is not a closed, final deal. There is always a chance the deal will not go through.
You could still view the house and make an offer
When you see a house that is under contract, you should know that you may still be able to view this house and even put an offer on it. While there is only a small chance you would end up actually buying this house, it is always a possibility. If you really love a house that is currently under contract, ask your agent about viewing it, as you could be the next in line to buy the house if anything falls through with the first buyer.
If you are interested in a house that is under contract, talk to your single family home real estate agent. He or she can give you more information and advice about the house you are interested in.
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