At what point after fannie verbally accepts an offer to purchase is a home considered under contract?

Asked by Jay, Wolcott, CT Sat Nov 21, 2009

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Lisa Jones, Agent, Westport, CT
Sat Nov 21, 2009
Hi Jay,
"Under Contract" in the eyes of the Law means, a fully executed written contract, with the signatures of all parties to the contract. A home can be under contract with contingencies still in place such as a mortgage contingency or home inspection contingency...
Realtors must mark their listing as Pending (reflecting under a contract, usually along with Good Faith money) on the Multiple Listing Service with 48 hours of this transpiring.
If you are unrepresented and need help through the process, feel free to call me anytime at 203-218-6664. I would be happy to send you my guideline to purchasing a home in Fairfield County which offers a step-by-step timeline to the sequence of events you will be encountering.
Happy Home Buying!
Lisa Jones
Higgins Group
'GOLDEN KEY achiever" with over $30,000,000.00 in recent sales!
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Linda A. Cap…, Agent, East Norwalk, CT
Sat Nov 21, 2009
If you'll provide additional information, I could better answer this question.
Although, even though the buyer and seller have signed contracts and according to the MLS, that makes it "under contract", if the bank has not accepted the offer in really means nothing...sorry.
Kind regards,
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Matthew Isle…, , Fairfield County, CT
Sat Nov 21, 2009
Well you mentioned that you were buying a home from “Fannie” so I am assuming that the property that you have bid on is an “REO” property. That means real estate owned and that it was a foreclosure that is being re-sold.
If you have a verbal acceptance of the offer once you sign the purchase and sales agreement or purchase contract you are in a binding agreement based on the language that is spelled out in the agreement. If I can be of any help or assistance to you in your purchase please let me know. Thanks
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Linda Davis, , Waterford, CT
Sat Nov 21, 2009
Regardless of who the seller is, a property is not sold until there is a signed contract by all parties.
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