On StreetEasy, the term "In Contract" indicates that a property listing has received an accepted offer from a buyer, but the sale has not yet been finalized or closed. Here are some key details about what "In Contract" means:
Accepted Offer: The seller has reviewed offers on their property and accepted one. This means they have agreed to the terms proposed by a buyer.
Pending Sale Process: The property is in the process of being sold, which typically includes conducting due diligence, securing financing (if necessary), and completing inspections.
Contingencies: Often, the contract includes contingencies, such as the buyer’s need to secure a mortgage or pass inspections. If these conditions are not met, the sale can still fall through.
Still Viewable: Even though the property is "In Contract," it may still be listed on StreetEasy and visible to potential buyers. Some agents choose to keep it active on the market in case the deal falls through or as a way to attract backup offers.
Timeline: The duration of the "In Contract" status can vary, often taking several weeks to months, depending on factors like the complexity of the sale and local regulations.
- Finalization: Once all conditions are satisfied and the process completed, the property will then be marked as "Sold."
In summary, "In Contract" reflects a significant step in the real estate transaction process, where the seller has committed to a buyer, but various formalities still need to be addressed before the sale is officially completed.