Housing Wire

FEBRUARY 14, 2024

A majority of homeowners must sell their current home before they can qualify for a mortgage on their next home due to federal lending requirements around debt-to-income and down payments. When, and if, contingent offers are accepted, they can result in paying as much as 11% more for the home relative to a cash offer.

Backup offer 430

Backup offer Loan Officer Home sale contingency Branding 430

Real Trends

JANUARY 25, 2023

“Now, any lender or agent has the ability to supercharge virtually any conventional or jumbo mortgage with a no-interest equity advance loan from Knock to receive the benefits of the Knock Home Swap,” says the statement. Homeowners can pair the product with a purchase mortgage from any lender to make an offer before buying a new house.

Finance 56

Finance Backup offer Agents Equity 56

HomeLight

OCTOBER 11, 2021

The lender has the final say on these types of sales, and all offers must go through them. Normally, when someone puts their house up for sale, they have some equity in the property and will walk away with money in their pocket after closing. How are short sales different from typical home sales?

Short sale 101

Short sale Sales Banks Backup offer 101

HomeLight

JULY 6, 2023

In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. Financing contingency Sometimes called a mortgage contingency , this specifies that the deal hinges on the buyer securing their loan. Quite simply, life happens.

MLS 105

MLS Backup offer Inspection contingency Purchase and sale agreement 105