Why not just remove the property from the MLS after the first offer?
Sometimes deals fall through, so it behooves the seller to continue to market the home, condo, etc. actively. The smart move is keeping it exposed to the broadest pool of potential buyers as possible. Attracting other potential buyers, just in case the current contract doesn’t perform, is the prudent course of action.
Can I still view homes in person if they are listed as Active Under Contract?
It depends. Some sellers will not allow tours while their home is Active Under Contract. They may wish not to be disturbed, and they may be preparing for their move. It's hard to pack a house full of belongings and simultaneously keep it in a clean and pristine condition for viewings.
Also keep in mind, viewing homes under contract is not the most efficient use of your time; most properties that reach this status will close. However, if sellers feel some uncertainty about the probability of closing their current contract, they will be more amenable to showing the property to other prospective buyers.
How long can a house remain a property under contract?
The closing stage of the home buying process typically takes 30 to 45 days (and even up to 60 days under certain markets during peak periods). It takes time to finalize the financing and contingency removal via the appraisal, inspection, etc.
If a house is under contract, can I still make an offer?
Yes, you may make an offer. However, the seller cannot accept your offer unless there is a breach of the current contract to which they are a party.
I saw a yard sign that said ‘In Escrow.' What does that mean?
The real estate terminology used on yard signs (and websites) varies by state, region, and local real estate market. Here are some synonyms, by region: