Houses under contract question

How long are houses under contract for and are there good chances that the contracts will fall through?

Any info is appreciated!

Re: Houses under contract question

good question!

I have heard of contracts falling thru (buyers not being able to secure financing is one reason).

Re: Houses under contract question

Contracts are under agreement for all different term lengths depending on what has been agreed upon between the buyer and seller (the closing date!). There are other factors as well (how long it takes for title to come in and those issued to be cleared up, how long it takes to obtain a mortgage, etc.). Average Contracts are 2 - 3 months. I've seen longer and shorter.

Deals do fall apart. If they do, it is usually in the beginning, before both parties have signed contracts, in the middle when a buyer cannot obtain a mortgage or when a seller will not clear title issues or at the end when someone can't come up with the money. I have to say it happens, but it's not the majority of deals that it happens on.

Re: Houses under contract question

Thanks. This information is really helpful. We ran into a problem where the house we loved was under contract yet the realtor didn't tell us until just now. Turns out it's been under contract since 5/15 and we are being evil and praying that it falls through....

Re: Houses under contract question

That's a shame. The broker should have been upfront with you. Good luck!

Re: Houses under contract question

we had the same thing happen to us.

FH called the broker who listed the house a few days ago...kept calling and getting the runaround..

then the guy calls today and says, 'oh the contracts were signed a half hour ago'


allrighty then!