What does it mean to have a house under contract
If you were to bid on another home, you would have to add a contingency for the backup offer you placed. If the backup offer were accepted, you would have to take that one and let the second house go. Figuring out whether you should bid on a house under contract is tricky. The more you know about the situation, the easier the decision becomes. Just because a property is under contract does not necessarily mean that it is off the market. Other buyers may be able to make offers on the property, depending on if there is a first right of refusal clause in the contract.