Backup offer Earnest money deposit Finance Mortgages 
HomeLight
JUNE 29, 2022
As interest rates start increasing, as they are right now in 2022 , sellers may not have as many backup offers to consider as they would when rates were low. Price your house right to attract competitive offers. Require a sizable earnest money deposit. Make repairs that affect the buyer’s loan requirements.
Realty Biz
NOVEMBER 11, 2020
They will also get their earnest money deposit back , and the home will go back on the market. The Mortgage Financing Contingency. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Maybe they have an unsubstantiated cash deposit ?
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RIS Media
MAY 19, 2021
The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. Financing or Mortgage Contingencies. The majority of homebuyers use a mortgage to finance their purchases. Doing so could mean the forfeiture of their earnest money deposit.
HomeLight
MARCH 20, 2023
After all, few people can afford to hold two mortgages. Financing Contingency: If the buyer’s mortgage proceedings fall through, they can walk away from the home. With] your house under contract, we know what your buying power is, and [we can make] a much stronger offer.” Mortgage interest rates are high or rising.
HomeLight
OCTOBER 20, 2020
One of the biggest risks associated with this type of offer is when there are two or three home purchases that are all contingent on the sale of another property. An ideal situation would be to receive an offer without a home sale contingency. This tells other buyers that the home is still available for showings and backup offers.
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