What Does ‘For Sale Under Contract’ Mean?
This could mean one of two things. It depends on the context.
For Sale Under Contract
Rarely, you will see a listing that says, “for sale under contract.” So, what does that even mean?!
A sale under contract sometimes means the owner is financing the deal. The current owner carries a contract with the buyer for the property. So, no mortgage is needed.
The contract will state the interest rates and the terms. If you are interested in a property listed as “for sale under contract,” you’ll need to make certain that you have had all inspections, appraisals, etc.. You’ll check the title and current mortgage.
This type of sale can help some people get into a home even if a lender won’t qualify them. Check the contract though, because often they will require you to come up with financing in three to seven years. If you find yourself in a situation like this, be certain to consult with a real estate attorney. They’ll help make sure that an escrow account is set up so that taxes and insurance are still paid. If you consult with a real estate attorney, your risks are generally negligible.
For Sale – Under Contract
Alternately and more commonly, you will see a listing that reads, “For Sale – Under Contract.” This is not the same thing. When you see that, that simply means that the sale hasn’t actually closed. They may be waiting on inspections. This is similar to seeing, “Sale Pending” on the listing. You can always put in a back up offer though, because about 20 percent of the sales that are “Under Contract” don’t end up closing in some markets. This is an important reason to choose a knowledgeable realtor with a good network.
THINKING OF SELLING YOUR TAMPA BAY AREA HOME?
If you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Check out our helpful article describing the process and how to decide if it’s the right time to sell.
ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?
If you’re thinking about buying a home in Tampa Bay, do a quick online search or check out our:
- Tampa Bay homes for sale under $100,000
- Tampa Bay homes for sale between $100,000 and $200,000
- Tampa Bay homes for sale between $200,000 and $300,000
- Tampa Bay homes for sale between $300,000 and $400,000
- Tampa Bay homes for sale between $400,000 and $500,000
- Tampa Bay homes for sale between $500,000 and $600,000
- Tampa Bay homes for sale between $600,000 and $700,000
- Tampa Bay homes for sale between $700,000 and $800,000
- Tampa Bay homes for sale between $800,000 and $900,000
Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas. When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!
