Posted by Dave T on December 22, 1999 at 21:44:57:
The seller has accepted a purchase offer from another buyer but has not gone to settlement yet. Thus, the property is “under contract”. After the property has gone to settlement, the property will be classified as SOLD.
Sometimes, property under contract does not get to the closing table. Sometimes the buyers default, or can’t get financing, or for some other reason withdraw their offer. When this happens, the property may go back on the market in an active status.
If a property under contract interests you, ask your real estate agent to make a “backup” offer. The seller may accept your backup offer and then, if the first contract falls through, you are next in line and the property does not go back on the market.