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What does under-contract mean in real estate?

You’ve been searching for land in Stark County Ohio when you come across 5 acres for sale in North Canton. The description and photos are exactly what you’re looking for, but the status says Under Contract. Is it sold? Is it still available? What exactly does this mean?

In any real estate transaction, whether a house or land, when a seller accepts someone’s offer to buy their property, both the buyer and seller sign an agreement and the property is said to be “Under contract”.

However, that does not mean it’s sold. It only means that the seller has agreed to sell it to that particular buyer. But many things can and sometimes do go wrong that will cause the sale to not go through. The most common reason, of course, is that the buyer is not able to pull together the funds needed to purchase the land.

Realtors are well acquainted with these types of hindrances and usually take steps to ensure that the people they bring to view a property have the financial ability to buy such a property. For this reason, it’s a safe assumption, when you see a property is Under Contract that it’s going to be sold and it’s no longer available.

But strange things do happen and it is well worth your while, to at least send your realtor or the listing agent your contact information. Let them know that should the sale not go through; you would be very interested in the property. That way, if the deal falls apart, they will certainly be calling you to let you know the property is back on the market and available for purchase.

Real Estate Counter Offer Strategy for Sellers

When you’re trying to sell your land, you’re likely to receive some offers that are significantly below your asking price.

Sometimes when this happens, the land owner will reject the offer without a counter offer. This is a way of saying, “Your offer is so offensive to me, that I don’t even want to respond.”
But rejecting an offer without a counter offer is a very poor strategy for getting your land sold. Continue reading