question about "under contract" home prices (contingencies, disclosure, agent)

[Go Blue 99]

When I do searches on realty websites, some homes pop as "Under Contract". I assume this means someone is about to buy it and it's basically off the market.
My question is..is the price listed for Under Contract homes the price that the buyer is paying? I'm just curious because I know homes generally sell for below asking price, and I'm trying to figure out true prices people are paying for various types of properties.

thanks.

[spacelord75]

No - that is still the asking price. If you want to know the selling price, you can either have your realtor pull the comps sheet after the closing date OR you can look it up on the county tax assessor's site.

[Rmx Christina]

under contract simply means that there is an accepted offer. no more bids.

the prices won't be disclosed until the house is sold...unfortunately..but it is confidential... anything can happen before it is officially sold...

[Davart]

Under contract can also mean it has an offer with a first right of refusal on it, meaning they have a contingency offer pending the sell of accept offers (buyers) home. This mean you can still look at the house and offer a better price or a no terms contract. It ain't sold until the money changes hands.

[southernlady5464]

Some realtors will not show houses that are listed as under contract, others will...

But until the contract is signed in a lawyer's office AND recorded, NOTHING is final, anything can happen. And a smart realtor will keep from counting those chickens, LOL.

We were AT the closing table last fall and the seller decided to be stupid...the deal fell thru and the closing ended up not going forward, so even tho the house was *under contract* for three weeks, it ended up not selling. We got our escrow back. And the seller had to start over.

So if you are a buyer, look at those houses too, just keep them in your *maybe* pile. Liz

[jsimon521]

Originally Posted by southernlady5464

We were AT the closing table last fall and the seller decided to be stupid...the deal fell thru and the closing ended up not going forward, so even tho the house was *under contract* for three weeks, it ended up not selling.

Dare I ask Liz, WHAT HAPPENED at that table?!

-Jenn

[middle-aged mom]

Originally Posted by southernlady5464

Some realtors will not show houses that are listed as under contract, others will...

In my area, the standard contract does not allow under contract homes to continue to be shown, once there is a contract in place.

The exception is an accepted offer with a home sale/close contingency. In this case, such homes can continue to be shown.

Most buyers do not waste their times with such homes because there is so much more inventory to choose from and there is no reason to get into bidding contention, with the original offer.

[LongIslandCitizen]

Originally Posted by Go Blue 99

When I do searches on realty websites, some homes pop as "Under Contract". I assume this means someone is about to buy it and it's basically off the market.
My question is..is the price listed for Under Contract homes the price that the buyer is paying? I'm just curious because I know homes generally sell for below asking price, and I'm trying to figure out true prices people are paying for various types of properties.

thanks.

The price wouldn't necessarily be the asking price. It could be higher or lower depending on what the seller agreed upon.

[LongIslandCitizen]

Usually when a home is under contract it cannot be shown. That is why the buyer puts up earnest money. The money represents the buyers seriousness and is subject to be lost if he is just screwing around.

[TexasHorseLady]

This all varies by area. In our MLS, we have Active, Active Contingent (there's a contract but the buyer has to sell their house or something, usually, and the house will continue to be shown and the seller can accept another contract after giving the buyer a set number of days - usually 3 - to remove the contingency and move forward with the contract), Pending Taking Backup Offers (definitely under contract, no contingencies except the standard ones any contract has as far as financing and house qualifying for the loan, etc., but the agent is hedging their bets and the house can still be shown but rarely is), and Pending (under contract and the agent is pretty sure it's going to close).

As far as finding out the sales price from the tax records, that depends on whether or not your state is a nondisclosure state. In Texas, you don't have to tell anyone what you paid for your home, and that includes the tax assesssor, though they WILL ask. So your best bet is to get the price after closing from your agent who has access to the MLS where it will be available.