Can You Still Buy a House under Contract

If you`re in the market for a new home, you`ve likely heard of people buying houses „under contract.“ This term essentially means that a buyer and seller have agreed to a specific set of terms for the purchase of a home, but the sale is not yet finalized. The question on many people`s minds is whether or not it`s still possible to buy a house under contract, and the answer is yes!

Buying a house under contract, also known as a contingency offer, is still a common practice in the real estate industry. In fact, it`s often the case that buyers will include contingencies in their offer to protect themselves from potential risks, such as the home inspection turning up major issues or the buyer`s financing falling through.

So, how does it work? Essentially, a buyer will submit an offer to purchase a home with certain conditions. These conditions might include things like a home inspection, appraisal, or financing contingency. If any of these contingencies are not met, the buyer has the option to back out of the sale without penalty. This protects the buyer from being stuck with a home that they can`t afford or that has major issues.

It`s important to note that buying a house under contract does come with some risks. For example, if the seller receives a better offer, they may choose to accept it and back out of the original agreement. Additionally, some contingencies may be harder to meet than others, especially in a competitive housing market where sellers may not be willing to accept offers with many conditions.

If you`re considering buying a house under contract, it`s important to work with an experienced real estate agent who can help guide you through the process. They can help you negotiate the terms of the agreement and ensure that you`re protected throughout the purchase.

In conclusion, buying a house under contract is still a viable option for those looking to purchase a home. With the right conditions and an experienced real estate agent on your side, you can protect yourself from potential risks and find your dream home.