“Under Contract” is a phrase you may see a lot. I know I have a lot of future homeowners following me who may not understand all of the real estate lingo, so I’m here to break it down for you! ❓What does it mean when you see a realtor say we are “under contract”? In a real estate transaction, “under contract” means that a buyer and seller have agreed on the terms of the sale, signed a purchase agreement, and are now in the process of completing the conditions necessary to close the deal. However, the sale is not final yet, as several steps still need to occur, such as: • Inspections: The property is inspected for any issues. • Appraisal: The lender confirms the home’s value aligns with the purchase price. • Financing: The buyer secures final mortgage approval. • Contingencies: Any agreed-upon conditions (e.g., repairs or selling another home) must be met. During this period, the home is technically “off the market,” but the deal can still fall through if contingencies aren’t satisfied or financing issues arise. Once all requirements are met, the transaction moves to closing, where ownership officially transfers to the buyer. If you are interested in buying a home in the new year, click the link in my bio to schedule a consultation with me! 📸: @corisswatsonphotography Krispin Watson, Realtor® Norluxe Realty Birmingham | Atlanta License #: 129586 | 442072 📧:
[email protected] 📲: 662-417-1176 🌐: https://krispinwatson.norluxerealty.net
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