HomeLight

OCTOBER 11, 2021

You see a house you love, but the listing shows that it is an “active pending short sale.”. Can you still make an offer on the house, or are you out of luck? And just what is a short sale, anyway? Is a short sale home purchase for you? And can you still make an offer on an active pending short sale?

Short sale 84

Short sale Sales Banks Backup offer 84

Point2Homes

DECEMBER 8, 2020

As the buyer works to meet these contingencies, other potential purchasers can view the property and make offers — but the offers will be put into what is called “backup status.” A backup offer is not uncommon in real estate sales. Short Sale. No Showings.

Purchase and sale agreement 145

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

HomeLight

NOVEMBER 1, 2021

You priced your home based on recent home sale(s) for which the buyer(s) paid well over appraised value. Short sales or foreclosures in your area have driven home prices artificially low. In a hot market, the seller’s agent may have backup offers and eager buyers waiting in the wings to snatch up the home.

Purchase and sale agreement 104

Purchase and sale agreement Proof of funds Backup offer Finance 104

HomeLight

JANUARY 13, 2022

Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. In other words, the primary deal on an active contingent listing might (maybe) fall through, causing sellers to place their home back on the market — or accept a backup offer. “I Common types of contingencies. Warren Barnes.

Backup offer 90

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 90

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. The current parties have satisfied all contingencies, so “there’s no sense in [the seller] taking a backup offer.” Why have a backup offer on hand?

MLS 102

MLS Backup offer Inspection contingency Purchase and sale agreement 102

HomeLight

DECEMBER 30, 2021

Another issue may be that a comparable property the appraiser used turned out to be a distressed property, foreclosure, or short sale. Again, your agent can research why that price was much lower and provide supporting data, including some comps or multiple offers that reflect a normal or high market value.

Loans 117

Loans Agents Inspection Closing 117