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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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Under Contract vs. Pending Sale in Real Estate Transactions

Realty Biz

When you're looking to buy a home, you'll likely come across the terms "under contract" and "pending sale." This means that it’s crucial to understand the difference between a pending sale and an under contract and what they mean for a buyer or a seller. This means that the buyer and seller have agreed on the terms of the sale.

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What Does Contingent Mean in Real Estate Sales

Realty Biz

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

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10 Things to Know About the ‘Sale Pending’ Phase, aka House Closing Limbo

HomeLight

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

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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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What Does ‘Under Contract’ Mean in a Real Estate Listing?

Realtor.com

In most cases, a property is listed as “under contract” once a buyer has made an offer and the seller has accepted. These contingencies often include financing, a home inspection , home appraisal , and sometimes the sale of the buyer’s current home. ” But what does “under contract” mean?

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What is a Contingent House Listing?

Point2Homes

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. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. How is Contingent Different from Pending?