“Sorry, but the Property is under Contract for Purchase”

When working with Buyers who inquire about properties that they’re interested in, we often encounter properties that are no longer available, for various reasons.  Frequently, I have to deliver news that properties of interest are “under Contract for Purchase.”  So, what does “under Contract” mean?  What it means is that the Owner of the Property accepted an Offer from a Buyer for purchase of the property AND the Owner and the Buyer signed a Contract agreeing to specific terms to purchase the property.   In such cases, Property Owners will sometimes state that:

  • Back-up Offers will be accepted from prospective Buyers (Back-up Offers are offers that will be considered if the originally accepted Offer falls through) or
  • Additional Offers are not currently being accepted 

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