Under Contract means that an offer has been accepted on the property subject to whatever contingencies the buyer has asked for such as inspections, financing, needing to sell a house etc. Most sales take 45-60 days to close.
If you are truly interested you can submit a "backup offer" on the property.
If the current offer is subject to the buyers selling a home, the property you are interested in may have a "kick out" clause which means when you submit your offer and if the sellers want to accept your offer, they will give the current offer notice that they must go forward with the sale or get out of the way so they can accept your offer.
Either way it requires just a little more research from your buyer agent asto the status of the property. If you are not represented, I suggest you use a buyer agent to pursue your questions.
David Roberts - Weichert Realtors-Waterglen Group
serving Greater Portland and The Sebago Lakes Region
In addition to Tony's answer, ask your Realtor to call the listing agent to feel out the situation. In some cases you'll be able to submit a back up offer. If the transaction does fall through you'll see the home back on the market with an active status, usually within 24 hours.
Prudential CA Realty