How is a property listed as "under contract"?

A property is listed as "under contract" when an accepted offer has been made and the processing of the sale is underway. This status indicates that the seller has agreed to the terms proposed by a buyer, and the transaction is now moving forward to complete necessary steps such as inspections, appraisals, and preparing for closing. It signifies that while the property is still technically on the market, it is in the process of being sold, and the seller is no longer accepting other offers.

The other options do not align with the definition of "under contract." For example, when a property is described as available for bidding, it means that the seller is still accepting offers and has not yet reached an agreement, which is inconsistent with being under contract. If the seller has withdrawn the property, it is off the market entirely and not in a contractual process. Finally, the completion of an appraisal, while an important step that may occur during the contract process, does not signify that the property is under contract by itself. It simply reflects one specific requirement of the overall transaction process.