When it says “Under Contract” that means the home is sold, right?
“Under Contract” is just another way of saying “Sale Pending.”
And some pending sales are stronger than others. So the likelihood of any individual pending sale actually making it all the way to the closing varies.
Some of the variables are the condition of the home, the strength of the buyer’s financing, the ability for the buyer and seller to work together towards solving any problems that arise, and the type of loan that the buyer’s are getting.
Sometimes you will see a home labeled with “Contingent” status. Contingent means the same thing as “Sale Pending,” except that it has more hurdles to clear than the typical sale.
For example, an older home with a buyer trying to secure a VA loan may be labeled “Contingent.”
VA loan appraisers scrutinize a home at a much higher level…even to the point where a home with a small patch of missing popcorn ceiling would fail the appraisal. Since this is a hurdle most homes don’t face, the sale might be marked as “Contingent.”