When you call your buyer agent to show a house and he or she says the one you’re interested in is “under contract,” do you know what that means? I don’t — because it can mean a number of things. In our area if a property is “under contract,” it can mean everything is done and the only remaining step is to close. OR it can mean an offer was accepted by the seller 10 minutes ago and many contingencies remain to be resolved. As the market has shifted, there have been more houses that were “under contract” that have failed to close than there were a couple of years ago. So, if you’re a buyer and you are really interested in an “under contract” house, ask your agent just what the situation is, so you can assess whether to move on in your mind or whether it might make sense to see it anyway — more information is never a bad thing.
