What Does Under Contract Mean When Buying A Gig Harbor Home?

In Summary:

• Being “under contract” means the buyer and seller have mutually accepted and signed a written purchase agreement.
• The sale is not final yet—inspections, financing, appraisals, and other contingencies still need to be completed.
• Local guidance from Schulte & Co. helps protect buyers during the under-contract period and keeps deals moving toward closing.

The phrase “under contract” indicates mutual acceptance between a property buyer and the seller that a sale will take place. Usually, by both signing a written agreement.

However, there may be nuances beyond that, and both sides need to take additional steps before closing. With 14.3% of homes under contract failing to close, according to the National Mortgage Professional, it's essential to have that in mind. So, if the deal isn’t final, what does under contract mean, really?

The following article will help you understand what this means, not only in general, but for people looking to buy in the Gig Harbor area. Learn the specifics and how Schulte & Co. works to help a sale proceed from there.

What Does "Under Contract” Mean for Gig Harbor Buyers?

“Under contract” is just one step in the home-buying process. Once the Gig Harbor seller has received and accepted a specific offer, the listing will often be marked as “under contract,” meaning both parties have agreed to the sale. However, the sale is not final at this time.

When this occurs, the real estate agent will typically update the Multiple Listing Service (MLS) database, which lists homes for sale, to reflect the home’s status. Typical listing statuses might include:

• Under contract

• Contingent

• Pending

In doing so, they often reduce the likelihood of additional showings.

When are You Under Contract on a House?

In Washington, you’re typically under contract after “mutual acceptance,” when both the buyer and the seller have signed a written Purchase and Sale agreement. From then on, several contract deadlines will begin, such as inspection or title review. 

In many Gig Harbor homes in HOAs or condo communities, you may be under contract while the seller orders and delivers a statutory resale certificate, after which state law offers you a short window in which to review it. If necessary, the buyer may use this time to cancel the purchase agreement.

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What Does “Pending” Mean in Real Estate in Gig Harbor?

While sometimes meaning the same as “Under Contract”, in some cases, “Pending” is a more specific term. Occasionally, a home will list as “pending” when several of the processes have completed, such as:

• Inspections

• Appraisals

• Financing

As such, you may occasionally see labels such as “Pending inspection” rather than the broader term. In Gig Harbor, this includes inspections of shoreline permits or dock rights, as well as several other maritime nuances that buyers in non-waterfront areas do not need to consider.

The specific status is not explicitly defined, but a real estate agent will typically set it when they are reasonably sure that a sale will close. 

After pending, you may even see a listing of “Contingent”. This phrase indicates that the buyer and seller must meet specific conditions they have agreed to before the deal can proceed to under contract or pending. If the contingency condition is not resolved, the sale will not typically close, or the buyer and seller must renegotiate.

How Long Can a House be “Under Contract”?

The time between contract signing and closing typically ranges from 1 to 2 months. However, this depends on the contract's complexity and other factors. For example:

• Federal Housing Administration (FHA) or Department of Veterans Affairs (VA) loans can take longer than usual

• Complex properties may need more time for repairs

• Low appraisals that demand renegotiation

• HOA review periods

• Inspections may discover issues that the seller needs to resolve

• Lender backlogs or last-minute lending conditions

• Unforeseen circumstances, such as staffing shortages, which may cause delays

Even at this stage, complications could cause the sale to fall through. However, Paige Schulte’s team can walk buyers through their offer’s text before they send it, helping all parties understand what the contract entails and any details they should be aware of before signing.

Steps to Put a Gig Harbor Home “Under Contract”

Knowing how to put a house under contract before you start the buying journey can help make the process less stressful.

Step one should come before any offer is made. You need to get a mortgage preapproval letter, so you know your broad price range before you start touring Gig Harbor homes. 

Step two is to identify the home you want to make an offer on, then review recent comparable sales and your preapproval to determine a comfortable yet competitive offer price.

Step three involves writing a complete offer package for the seller. Schulte & Co. can help you put this together, including:

• Timelines

• Contingencies

• Earnest money

• Shares of the closing cost

Step four involves negotiating the details with the seller, after which both parties can sign the purchase and sale agreement. When you do this, the home is officially under contract.

How Paige Manages Risks While You Are Under Contract

We treat the under-contract period as an active project, recognizing that one should not remain passive when seeking a resolution on a deal. As such, we track every element, such as HOA reviews, inspections, and financing, giving you regular updates in plain English.

You can then have key oversight of what steps are complete and whether you need to take any action. Otherwise, let us coordinate with your contacts, and keep every step aligned with a unique property purchase plan we’ll work with you to construct.

Work with Local Experts in Gig Harbor

After you get preapproval and determine what you're comfortable paying, partner with a local expert who can track every aspect of the sale while you look for the right home. The above information should get you on track and help you answer relatives and peers who ask, “What does under contract mean?” when you sign an agreement.

Schulte & Co. is a hyperlocal team in Gig Harbor that can help you find and close on local property. With our emphasis on “concierge-style” interactions with people just like you, we do everything we can to keep moving you toward closing. So, contact us today to start the home-buying process and see what we can do for you.

FAQs About Being Under Contract

What does under contract mean in real estate?

“Under contract” means the buyer and seller have both signed a purchase and sale agreement, but the transaction has not yet closed.

When are you officially under contract on a house?

In Washington, you are typically under contract once both parties have signed a written agreement and mutual acceptance has occurred.

What does pending mean in real estate?

“Pending” usually indicates that most contingencies—such as inspections, financing, or appraisal—have been satisfied and the transaction is moving toward closing.

How long can a house be under contract?

Most homes remain under contract for 30–60 days, though this can vary based on loan type, inspections, HOA reviews, or appraisal issues.

Can a deal fall through while under contract?

Yes. If contingencies are not met or deadlines are missed, the contract may be renegotiated or terminated, which is why active management during this phase is critical.