Realty Biz

NOVEMBER 11, 2020

They will also get their earnest money deposit back , and the home will go back on the market. One of the standard contingencies in nearly all real estate contracts is delivering a clear title. In real estate jargon, this is referred to as a “backup offer.”

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Backup offer Sales Home sale contingency Earnest money deposit 110

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. Doing so could mean the forfeiture of their earnest money deposit. Lenders aren’t going to provide money for a property that the buyer’s offer has overvalued.

Purchase and sale agreement 98

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

HomeLight

OCTOBER 20, 2020

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. This tells other buyers that the home is still available for showings and backup offers. It’s not instant.

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Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 55

HomeLight

MARCH 20, 2023

Title Contingency: If the title inspection reveals problematic issues, the buyer can insist upon remedies from the seller or walk away from the purchase. A kick-out clause acts as a sort of compromise in light of an offer with a home sale contingency. Offer a larger earnest money deposit. Money talks!

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 86