Are you thinking about buying a Tulsa home right now? House-hunting changed after COVID-19 hit last year. Even through the pandemic, the Tulsa real estate market continues to strongly favor sellers. With lumber prices soaring, new construction is starting to slag off a bit. That leaves buyers to fight over existing inventory. When you see that a house you like is under contract, that does not necessarily mean that the deal is done.
What Under Contract Means to a Home Buyer
When a seller accepts a buyer’s offer, a listing officially changes from “for sale” to “under contract”. However, that only marks the beginning of the sale process. Many things could happen along the way to stop a sale from taking place. For example, the buyer may not receive financing. The home inspection could reveal serious issues that the buyer does not want to deal with. Maybe the buyer could not sell their current home in a timely manner. The reasons a home falls out of escrow are as unique as the home buyers themselves. But if you find that your dream house is already under contract with someone else, do not despair. You might still have a (slight) chance to make it yours.
Submitting an Offer
Keep in mind that the majority of Tulsa home sales do close once they are under contract. However, if you really love the house, you might want to submit a back-up offer to the seller “just in case”. Talk to your Tulsa REALTOR® first. They can help you decide if this is a good course of action for you to take. However, since the chance of the property falling out of contract is small, continue to look at other properties in the area.
Lori Cain, REALTOR®, Serving Midtown and the greater Tulsa, OK area. Call 918-852-5036.
