Home Selling in Mesa>Question Details

inglis.willi…, Home Buyer in Davie, FL

What is the definition of "under contract" as related to a realestate listing in AZ?

Asked by inglis.william, Davie, FL Tue Feb 19, 2013

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This means that the buyer and seller have come to an agreement but the sale is not final.
0 votes Thank Flag Link Mon Jul 28, 2014
Does "under contract" (UCB) an endless cituation
0 votes Thank Flag Link Tue Dec 17, 2013
There are 2 types of categories for that now in our MLS

UCB=Under contract accepting backups (seller has accepted an offer, but is continuing to market and accept backups)
Pending=Seller has accepted an offer and the are going through the normal process to proceed to closing

Hope this helps! :)
0 votes Thank Flag Link Thu Feb 21, 2013
Is there a specific property you are inquiring on?
0 votes Thank Flag Link Wed Feb 20, 2013
IS THERE A TIME LIMIT FOR ucb
Flag Tue Dec 17, 2013
Again, in this specific case, the property has a contract of $105,000 but is proceeding to a bankruptcy sale where higher and bids may be accepted.
0 votes Thank Flag Link Tue Feb 19, 2013
Under Contract or UCB - The buyer and seller have an agreed upon contract but the seller is still taking back up offers on the property. You will usually see this on a Short Sale. The seller has signed the contract but in the case of a short sale the bank must approve the contract as well.

In the case of my listing...my sellers wanted to continue to market the property and take back up offers during the buyer's 10 day inspection period. As it stands this property is back to Active. The buyers did back out 1 day later, they got cold feet. The house is beautiful and in excellant condition.
0 votes Thank Flag Link Tue Feb 19, 2013
Under contract means that the seller has accepted a willing, able and qualified buyer's offer. The seller however can continue soliciting offers which will be kept as back up offers.

Merdad Meraban
US Preferred Realty Inc.
480-695-6478
0 votes Thank Flag Link Tue Feb 19, 2013
This property is proceeding to a bankruptcy sale. At this sale other bids will be entertained. If you are interested in bidding, please email me at dab@azbktrustee.com to get the bidding procedures and overbid agreement. Davdi A. Birdsell
0 votes Thank Flag Link Tue Feb 19, 2013
The Seller has accepted a Purchase Contract/Offer, and it is now "under contract".
0 votes Thank Flag Link Tue Feb 19, 2013
When a property is "under contract" the Seller has accepted an offer and both parties have signed a Purchase Contract. After an offer has been accepted and both parties executed the purchase contract, the Buyer has a 10 day inspection period. Generally, listing agents will leave the listing as "under contract" instead of changing the status to "pending" during the inspection period so they can take back-up offers in the event the current Buyer can't secure financing or cancels the contract for other reasons.

Amy O'Rear, REALTOR®
Direct: 480.664.9950
Mobile: 480.580.1221
Office/Fax: 602.503.4280

HomeSmart International
2680 S. Val Vista Dr, Suite 101
Gilbert, AZ 85295

Website: http://www.amyorear.com
http://www.facebook.com/amy.orear.realtor
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0 votes Thank Flag Link Tue Feb 19, 2013
When a listing is "under contract" someone has placed an offer on that property and the seller has accepted that offer. The Seller can still accept back up offers in the event that the current buyer cancels their contract.
0 votes Thank Flag Link Tue Feb 19, 2013
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