When you`re in the market for a new home, it can be frustrating to find the perfect house, only to discover that it`s already under contract. But just because a property is under contract doesn`t necessarily mean that it`s off the market for good. In fact, you may still be able to make an offer on a house that`s under contract.
First, it`s important to understand what it means when a property is under contract. When a seller accepts an offer from a buyer, they enter into a legally binding agreement. This agreement outlines the terms of the sale, including the purchase price, closing date, and any contingencies or conditions that must be met before the sale can be completed.
Once a property is under contract, the seller cannot accept any other offers. However, the deal is not yet final. There are several reasons why a sale might fall through even after a contract is signed, such as if the buyer is unable to secure financing or if the inspection reveals major issues with the property.
In some cases, a seller may include a „kick-out“ clause in the contract. This clause allows the seller to continue to market the property and accept backup offers in the event that the current contract falls through. If you`re interested in a property with a kick-out clause, you can still make an offer. If the current buyer is unable to complete the sale, your offer may be considered.
Even if there is no kick-out clause, you can still try to make an offer on a house that`s under contract. However, it`s important to approach the situation carefully. You don`t want to waste your time and energy on a property that`s unlikely to become available.
The first step is to talk to your real estate agent. They can help you determine whether it`s worth making an offer and how to structure your offer to make it more appealing to the seller. For example, you may want to offer a higher purchase price or agree to close more quickly than the current buyer.
It`s also important to be respectful of the current buyer. If they`ve already invested time and money into the property, they may be upset if they feel like they`re being pushed out. Your real estate agent can help you craft a respectful offer that acknowledges the current buyer`s efforts while still making a strong case for why your offer is the better choice.
In summary, it is possible to make an offer on a house that`s under contract, but it`s important to approach the situation carefully and respectfully. Talk to your real estate agent to determine whether it`s worth pursuing and how to structure your offer for the best chance of success. With the right approach, you may be able to secure your dream home even if it`s currently under contract.