When a house is active under contract, it means that the seller has accepted an offer from a potential buyer, but the sale has not yet been completed. This phase can be both exciting and nerve-wracking for both parties involved.
One of the main things to keep in mind during this stage is that the buyer typically has a certain period of time, referred to as the due diligence period, to conduct inspections and ensure that the property is in the condition they expect. If any major issues are discovered during this time, the buyer may have the right to back out of the contract or renegotiate the terms.
Another important factor to consider is financing. The buyer must secure a mortgage or other funds to purchase the property, and there is always a chance that the lender may not approve the loan. This can cause delays, and in some cases, even result in the sale falling through.
Additionally, there may be contingencies included in the contract that must be met before the sale can be completed. For example, the buyer may need to sell their current home first or obtain certain permits or approvals before closing.
During this phase, it is important for both the buyer and seller to communicate clearly and promptly with each other and their respective agents. Any issues or concerns should be addressed as soon as possible in order to avoid any potential complications.
Overall, when a house is active under contract, it is a crucial time for both parties involved. With diligence and attention to detail, the sale can proceed smoothly and successfully.