What's the Difference Between an Accepted Offer and Being In Contract in Miami?

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In this fireside chat, we'll go over what the terms accepted offer and in-contract mean for Miami home purchases, and why the two terms are often quite confusing for buyers coming from New York.

Essentially, having an accepted offer is really the same thing as being in-contract in Miami because offers are submitted via the standard Realtor contract here in Florida.

Thus, when an "offer" is submitted, the buyer is actually sending across a standard Realtor purchase contract that has already been signed by the buyer.

If the seller decides to "accept" the offer, the seller simply counter-signs the contract and then the listing is technically "in-contract" and both parties are bound by the terms of the contract.

It is at this stage that the listing agent typically marks the listing as "in-contract" in the MLS.

So you see, here in Miami the two terms really mean the same thing. The only instance where it might be different is if the listing agent tells you that the seller has decided to accept your offer, but just hasn't gotten around to formally counter-signing the contract yet.

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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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