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4 Things Sellers Need to Know About Backup Offers

First Team Real Estate

Home sales are moving quickly today because of limited inventory, causing lucky home sellers to see an increase in multiple bids or bidding wars. of offers faced bidding wars. The best offer is accepted, and the deal moves forward. What does it mean when it says accepting backup offers? What is a backup offer?

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Can a Home Seller Under Contract Still Accept a Higher Offer?

Realtor.com

When is a sale a sale? While laws vary by state, in general, up until that contract is signed by both parties—even after counteroffers have been sent out—all new offers can be considered and accepted. That’s why it’s so important that sellers are confident that they want to accept an offer before signing.

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Will a House With an Offer On It Be Removed From the MLS? Agents Explain How It Works

HomeLight

The MLS is a real estate database of all the homes in your area that are currently for sale, pending sale, or have recently been sold, and so much more. The MLS is a real estate database of all the homes in your area that are currently for sale, pending sale, or have recently been sold, and so much more.

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Contingent vs. Under Contract: What Do These Terms Mean?

Marco Santarelli

Make sure to speak with your real estate agent and legal counsel to ensure that you fully understand these terms and how they apply to your specific situation. When a buyer submits an offer to purchase a property, and the seller accepts that offer, the property is considered “under contract.”

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The Meaning of Active Under Contract Explained

Realty Biz

In some places, active under contract indicates that a contract has been signed but is contingent on certain conditions being met before the sale is finalized. In other locations, the sale may be referred to as being contingent in the multiple listing service (MLS). The seller has agreed to accept a contingent offer from the purchaser.

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What is a Contingent House Listing?

Point2Homes

But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. However, before the sale can go to closing, certain contingencies must be met. Up until this time, the home can continue to be shown to other potential buyers and offers can still be accepted.

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What Does Contingent Mean in Real Estate?

HomeLight

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. ” Step one: Talk to a few buyer's agents!