Point2Homes

DECEMBER 8, 2020

A home listed as contingent means the seller has accepted an offer. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. A backup offer is not uncommon in real estate sales. No Showings. Common Contingencies Found in Real Estate Contracts.

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Purchase and sale agreement Backup offer Home sale contingency Short sale 145

Realty Biz

NOVEMBER 11, 2020

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. Issues like these could lead to a buyer not getting the mortgage they expect. The document provided to the buyer at closing is what’s referred to as a mortgage plot plan.

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Backup offer Sales Home sale contingency Earnest money deposit 110

HomeLight

NOVEMBER 1, 2021

It’s likely that you will sell your home to a buyer who will finance the purchase with a mortgage. According to the National Association of Realtors (NAR), 87% of home buyers finance property purchases with a mortgage. Mortgage companies require an appraisal to determine the value of a home.

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Purchase and sale agreement Proof of funds Backup offer Finance 98

RIS Media

APRIL 18, 2022

Getting rid of the mortgage financing clause in their offer. You may see some of these things or all of them before making an offer. It will help tailor your offer when the time comes. It may make sense to put in a backup offer when you’re not the winning bidder. Get pre-approved for a mortgage.

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Pre-approval Backup offer Due diligence Rent back 112

Realty Biz

SEPTEMBER 14, 2021

The seller has agreed to accept a contingent offer from the purchaser. During this time, the seller can still accept backup offers from other interested parties. FINANCING: Allowing the purchaser to secure their mortgage before the home sale closes. Making an Offer on a House Under Contract.

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Backup offer Purchase and sale agreement Inspection Sales 124

HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home.

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Home sale contingency Inspection contingency Purchase and sale agreement Inspection 144

HomeLight

DECEMBER 31, 2020

The buyer’s financing with a lender. Most buyers will add a number of contingencies to the contract, such as the home inspection, appraisal, and financing contingency. Buyer encounters financial trouble and their financing falls through. Line up backup offers to hedge your risk. The property appraisal.

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Closing Backup offer Sales Inspection 103

HomeLight

JANUARY 5, 2022

Typically, the seller’s agent stops accepting offers once the home is pending sale. However, it’s often a good idea to table backup offers, which may come into play if the sale falls through. Seller’s agents are obligated to present all offers to the seller, even after a contract has been signed,” says Garrett.

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Purchase and sale agreement Backup offer Inspection Agents 107

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. Not all sales will have contingencies with them, but most will.

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

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.

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 97

Windemere Buying

JUNE 22, 2022

Making an offer on a house feels like a reason to celebrate. You’ve applied for financing , worked with your agent to search for available listings, put in time attending open houses, and have found the place you’re ready to call home. So, what happens after you make an offer on a house?

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Purchase and sale agreement Inspection contingency Seller concession Backup offer 52

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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Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 59

First Team Real Estate

NOVEMBER 9, 2020

With mortgage rates remaining at historic lows, it’s actually more affordable to purchase a home today than it was last year, even though home prices are continuing to rise. And further, is committed to following through on their promises. It’s not uncommon for pending real estate deals to fall out of escrow.

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Agents Purchase and sale agreement Backup offer MLS 93

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. With that in mind, it’s crucial that you work through all of the big negotiations before you accept an offer.

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Earnest money deposit Purchase and sale agreement Closing costs Closing 100

Toronto Realty Blog

NOVEMBER 3, 2021

Then I got this call… She struggled to get her words out, but eventually was able to explain that her husband had just lost his job, and they would no longer be able to obtain a mortgage. I told her that before we had any further discussions, I wanted her to speak to my mortgage broker to see about her options. She agreed.

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Purchase and sale agreement Closing Backup offer Agents 97

HomeLight

DECEMBER 31, 2020

Some home value estimates cost money to obtain, so they’re better saved for when you’re looking to sell or refinance your mortgage. This route also eliminates the hassle of inspections, financing contingencies, repairs, and other challenges that can come with a traditional retail sale. Do your own comps analysis.

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Backup offer Sales Agents Investor 108

First Team Real Estate

DECEMBER 14, 2020

We listen to the needs of our lifelong clients, educate them with facts, and match for custom solutions in regards to inventory and creative financing. Qualified buyers can take advantage of a free, quarter of a percent buy down on the latest average mortgage rate to save tens of thousands of dollars on their next home purchase.

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Brokerage Backup offer Staging MLS 105

HomeLight

DECEMBER 30, 2021

After you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ). This protects the lender in case the buyer later defaults on their mortgage and the lender has to foreclose on the property. And, it pays to be flexible. Source: (Markus Spiske / Unsplash).

Loans 114

Loans Agents Inspection Closing 114

First Team Real Estate

DECEMBER 13, 2020

We listen to the needs of our lifelong clients, educate them with facts, and match for custom solutions in regards to inventory and creative financing. Qualified buyers can take advantage of a free, quarter of a percent buy down on the latest average mortgage rate to save tens of thousands of dollars on their next home purchase.

Brokerage 40

Brokerage Backup offer Staging MLS 40