If you’re in the market to buy a home, the last thing you want to hear is that the house you have your heart set on is already under contract. But it’s not uncommon for buyers to wonder, “Can a house under contract be sold to someone else?”
The short answer is no, a house under contract cannot be sold to someone else. Once a seller accepts a buyer’s offer and an agreement is made, the property is considered “under contract.” This means that the seller cannot entertain other offers for the property during this time.
The contract serves as a legally binding agreement between the buyer and seller. It 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.
While a house under contract cannot be sold to someone else, there are certain circumstances where the contract can be terminated. For example, if the buyer is unable to obtain financing, the contract may be cancelled. Additionally, if the home inspection uncovers significant issues with the property, the buyer may have the option to back out of the deal.
However, it’s important to note that a seller cannot simply back out of a contract because they receive a higher offer from another buyer. Breaking a contract can result in legal repercussions, including a lawsuit for breach of contract.
If you’re a buyer and you’re interested in a property that is already under contract, your best bet is to keep looking. While it’s not impossible for a contract to fall through, it’s not worth the time and effort to try and convince a seller to break their agreement with another buyer.
In conclusion, a house under contract cannot be sold to someone else. The contract acts as a legally binding agreement between the buyer and seller, outlining the terms of the sale. While there are certain circumstances where a contract can be terminated, it’s not advisable for a buyer to pursue a property that is already under contract.
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