First Team Real Estate

AUGUST 8, 2021

The only way around re-listing is to accept backup offers, so during the planning phase of your home sale, talk to your listing agent about the pros and cons of backup offers. What does it mean when it says accepting backup offers? What is a backup offer? Backup offers, however, can be tricky.

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Backup offer Earnest money deposit Purchase and sale agreement Inspection contingency 98

HomeLight

SEPTEMBER 16, 2022

Before inspections, you may fear the state of the home or the seller’s willingness to negotiate repairs if the home needs serious work. The home will revert to “option pending” on the market and sellers can only accept backup offers during this time. Type of inspections needed for the buyer to do their due diligence.

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Option period Earnest money deposit Due diligence Inspection 89

Realty Biz

NOVEMBER 11, 2020

When a home sale is listed as contingent, it means that the seller has accepted an offer with contingencies. This means that certain clauses have to be completed, by perhaps both buyer and the seller, for the sale to close. They will also get their earnest money deposit back , and the home will go back on the market.

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Backup offer Sales Home sale contingency Earnest money deposit 111

RIS Media

MAY 19, 2021

However, this is just the start with many things to do before the status changes to “Closed.” The contingent label in a listing indicates that the seller has accepted the offer; however, certain things need to happen before things can move on. Common real estate contingencies include the following: Inspection Contingencies.

Purchase and sale agreement 98

Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

HomeLight

OCTOBER 20, 2020

In real estate, a “contingent” offer means that one or both parties have requested certain provisions before the deal closes. It’s standard for homebuyers to pencil in these escape hatches in the event that the home fails to appraise, an issue crops up with the title, or if they’re unhappy with the results of the inspection.

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Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 57

HomeLight

JUNE 29, 2022

Whether it’s dealing with price negotiations or determining a timeline for closing and moving out of the property, you’ll want to step into the process already knowing your objectives and what to expect from prospective buyers. Price your house right to attract competitive offers. Require a sizable earnest money deposit.

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Earnest money deposit Purchase and sale agreement Closing costs Closing 97

HomeLight

MARCH 20, 2023

Other common contingency clauses include: Inspection Contingency: If the buyer finds fault with the home inspection report, they can ask for the seller to make repairs, or they can cancel the contract within the contingency period. Will a seller accept my home sale contingency offer?

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 94