article thumbnail

What Does ‘Active With Backup Offers’ Mean?

Realtor.com

Terms such as “ pending ” or “ contingent ,” commonly seen in online listings, may be familiar, but what about “active with backup offers”? But why would a seller keep the property active after accepting an offer? “In Backup offer process.

article thumbnail

Accepting Backup Offers in Real Estate: What You Should Know

Maximum Exposure Real Estate

What Are Backup Offers in Real Estate? What is a backup offer in real estate? How do Backup offers work? When buying a home, will writing a backup contract make sense? A backup offer is […].

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

4 Things Sellers Need to Know About Backup Offers

First Team Real Estate

of offers faced bidding wars. The best offer is accepted, and the deal moves forward. The only way around re-listing is to accept backup offers, so during the planning phase of your home sale, talk to your listing agent about the pros and cons of backup offers.

article thumbnail

Should You Consider a Backup Offer?

Hank Miller Team

Should you consider a backup offer? Are backup offers good options for home buyers and sellers? In highly competitive housing markets with desperate buyers and multiple offers, it might seem pointless to write a backup offer, but why not?

article thumbnail

Can You Show Your Home With an Offer on the Table?

Realtor.com

Fotoamator/iStock Can you show your home with an offer on the table? You’ve accepted the offer , which means you’re in wedded bliss and off the market, so to speak, right? Can you show your home with an offer on the table.

article thumbnail

How to Put an Offer on a House That’s Already Under Contract

Realtor.com

Getty Images Wondering how to put an offer on a house that’s already under contract? Enter, the backup offer. But what exactly is the backup offer, and is it worth waiting in the wings for a home that’s already taken?

article thumbnail

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

Realtor.com

The buyers fell in love and made an offer, and you let out a great, big sigh of relief when the contract was signed. Then it happens—another offer comes in, and a better one at that. Buyers can also take backup offers (more on these options later).

article thumbnail

Real Estate Terminology: Contingent, Pending, Under Contract, and More

Windemere Selling

And for buyers, it helps to be familiar with these terms when searching for your next home and how they factor into making an offer. It means the seller has accepted a buyer’s offer, but there are certain contingencies that must be met before the deal goes final.

article thumbnail

Knock expands availability of Home Swap solution in Texas

Housing Wire

This solution is offered exclusively through local real estate professionals who were trained as Knock Certified Agents. Knock said that it will provide a backup offer on the old house just in case it doesn’t sell within six months, but Knock claims 90% of homes sell in 90 days or less.

article thumbnail

Knock makes its Home Swap financing available to any lender and agent

Real Trends

Home Swap offers an interest-free equity advance loan that covers the down payment on the new house for up to 30%, home prep costs for up to $35,000, and pays up to six months of mortgage payments on the old house.

Finance 56
article thumbnail

Bidding Wars

The Residential Specialist

Sellers are reaping the benefits from this shift in demand—it’s likely they’ll receive multiple offers on their homes and that they will sell for more than they may have pre-COVID. We find that deadlines really help drive offers and get an auction-type environment going,” says Medford.

article thumbnail

What Buyers Need to Know About Making an Offer on Active Contingent Listings

HomeLight

We’ve consulted with real estate experts and combed through the available data to help you understand what an active contingent listing is, what it means for buyers looking to put an offer on the home, and what buyers can do to make offers on active contingent listings more competitive.

article thumbnail

What Pennymac TPO’s rebrand means for the wholesale channel

Housing Wire

If a buyer fails on a contingency, there are multiple backup offers sitting there behind them and it might be several months before they can get into contract on that next home.

article thumbnail

The Meaning of Active Under Contract Explained

Realty Biz

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. Both are used when a seller has accepted the buyer’s offer, meaning that both parties are under contract.

article thumbnail

As prices rise, Utah housing market less of a bargain

Housing Wire

” Bess described the bidding wars in Logan and central Utah as “insane,” with homes on the market for only 12 hours receiving anywhere from 20 to 40 offers – and all well above asking price. “And it was a cash offer,” she said.

Marketing 359
article thumbnail

What Does Contingent Mean in Real Estate Sales

Realty Biz

For example, if a home sale is contingent or pending, can you still make an offer? How your real estate agent markets your property when an offer has been accepted can have vital implications. Can you Make an Offer on a Contingent Home? The Definition of Contingent.

article thumbnail

What Does ‘Active Contingent’ Mean? A Home Sale With Conditions

Realtor.com

Does “active” paired with “contingent” mean that the property can still be yours, if you make the right offer to a seller? This, of course, leads us to the big question: Should a buyer put in an offer on a property whose status is active contingent or pending?

article thumbnail

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. Since it’s possible for any of these items to fall through along the way, seller’s agents will sometimes take backup offers.

article thumbnail

What is a Contingent House Listing?

Point2Homes

A home listed as contingent means the seller has accepted an offer. Essentially, contingent listings still have contingencies to be fulfilled in order for the sale to go through, so the seller may still be open to other offers. A backup offer is not uncommon in real estate sales.

article thumbnail

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

HomeLight

Since most homes for sale are made available through the MLS — which syndicates to lots of different real estate websites and makes properties available to all agents within the region — it’s fair to wonder if a house with an offer on it will be removed from the MLS.

MLS 90
article thumbnail

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. Sale pending is the status in between active and sold, which indicates that you’ve accepted an offer and are in the process of selling, but that the sale is not yet completed.

Closing 87
article thumbnail

With inventory still tight, home buyers can’t afford to hesitate

Realty Biz

They were finally successful after a search lasting more than five months, when they made an offer on a home within an hour of seeing it last February. Data has also revealed how numerous buyers are increasing the competitiveness of their offers by forgoing appraisals and home inspections.

article thumbnail

What Buyers Can Do in an Extreme Sellers’ Market

Realty Biz

Learn the number of days these houses have been staying on the market before an offer is made. Learn if the offers have been below the asking price, full asking price, or if a bidding war took place. Even if you are outbid, make your best offer a backup offer.

article thumbnail

Agent Spotlight: Christine Bova

First Team Real Estate

Of the four luxury real estate sales I closed in April, three of the transactions were backup offers, and another I secured for my client through targeted outreach with an “I have a buyer letter.”

Agents 83
article thumbnail

Zillow Seal Beach vs local expert Brandice Presley

First Team Real Estate

Brandice and her team go to bat for their clients on everything from preferred timeline, inspections, closing costs, backup offers, repairs, and so much more.

article thumbnail

Can You Put an Offer on a House That’s Contingent?

RIS Media

Once you find your dream home and it happens to be marked as contingent, you can still place an offer. An active listing means the home in question is currently on sale, and sellers are actively open to offers. Placing a purchase offer on a contingent home.

article thumbnail

What to Do Before Offering on a Home

RIS Media

If so, you may be wondering about the steps you should take before making an offer on the house. Let’s look at some of the key things to consider before placing an offer on a property you love. Multiple offers and bidding wars on houses are the norm, not the exception.

article thumbnail

Can a Seller Back Out of a Real Estate Contract Without Repercussions?

HomeLight

You’ve accepted an offer on your home, but instead of celebrating like most sellers, you start to experience serious pangs of regret. It’s not unheard of for sellers to receive higher offers after signing a purchase agreement and want to back out of the contract. Offer a refund.

article thumbnail

What Is a Kick-Out Clause? Helping Sellers Get the Best Deal in a Timely Manner

Realtor.com

monkeybusinessimages/iStock; realtor.com A kick-out clause gives sellers the ability to continue marketing a house in the event that they receive an offer with contingencies, or conditions that must be met. For buyers, a kick-out clause can make their offer look weaker than one without it.

article thumbnail

Buyers Paying Over Asking Price? Get an Appraisal Gap Guarantee

HomeLight

If you’re selling your home in a hot market rampant with bidding wars that drive up the purchase offers on home sales, you may realize that your home is unlikely to appraise for the inflated purchase offer or even for your asking price.

article thumbnail

Summer real estate blog topics every agent should consider

Easy Agent Pro

Multiple offers? how to buy a house before selling yours” is a trending Google search term (spiking 160% last week) so offering an answer in blog form is a wise move. As we all know, there’s more to an offer than price. The backup offer.

Agents 91
article thumbnail

Home Brew: South Florida Condo Covered in Beer Cans Receives Multiple Offers

Realtor.com

We actually received multiple offers. It is currently under contract, and I have a backup offer as well,” she notes. The new owners, she says, made an offer without even seeing the property in person.

article thumbnail

8 Demands Every Homebuyer Should Make Of Their Real Estate Agent

First Team Real Estate

In today’s active seller’s market with multiple offers, as a homebuyer, you need to make sure you’ve found an agent who’s truly committed to helping you find your next home at favorable terms.

article thumbnail

Why Sellers Should Add a Kick-Out Clause to Avoid a Contingency Nightmare

HomeLight

As any seller would be, you’re thrilled when an offer comes in for your property — but that excitement fades when you find out it’s contingent on the sale of the buyer’s home. An ideal situation would be to receive an offer without a home sale contingency.

article thumbnail

The 10-Step Plan My $1 Billion Team Uses to Find Homes for Desperate Buyers

The Close

Agents who are neighborhood specialists typically have sellers who would sell their home if they got an offer they can’t refuse , as well as other homesellers who are preparing their home to sell it in the next few months. Write Backup Offers With a Backup Clause Written by an Attorney.

Closing 61