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?

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MLS Backup offer Inspection contingency Home sale contingency 81

Windemere Selling

MAY 16, 2022

Read about Common Real Estate Contingencies to understand the ins and out of the different contingencies buyers will generally tie to their offer. What to Do After a Home Buyer Backs Out Backup Offers Backup offers are made with the knowledge that an existing offer is already on the table.

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Backup offer Purchase and sale agreement Agents Inspection 52

Realtor.com

APRIL 9, 2021

Since it’s possible for any of these items to fall through along the way, seller’s agents will sometimes take backup offers. In other words, if you want this home for yourself, that could still happen. “If How good are your odds of a contract falling through? The hotter the market, the less likely it is to fall through.

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Backup offer Agents Sales Inspection 144

Marco Santarelli

APRIL 15, 2023

Active Under Contract: A property marked as “active under contract” means that the property is under contract, but the seller is still accepting backup offers in case the current deal falls through. This is a common status in competitive real estate markets, where multiple buyers may be interested in the same property.

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Backup offer Purchase and sale agreement Agents Inspection 52

Realtor.com

NOVEMBER 28, 2022

But even if you are pleased with your current offer, you might still want to let your agent continue showing your home. “In In a seller’s market, with multiple offers on many properties, there should be no shortage of backup offers waiting in the wings,” acknowledges Peters.

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Backup offer Agents Inspection Loans 119

HomeLight

JANUARY 13, 2022

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 How to make your backup offer successful. Barnes shared some tips for buyers on how to put together a winning back-up offer.

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Inspection contingency Backup offer Home sale contingency Purchase and sale agreement 68

Real Trends

MARCH 8, 2023

If your sellers have a backup offer, evaluate all the facts before you switch to accepting that deal. If there is no backup offer, request a 2-week extension so you have time to resolve the issues. If the buyer still wants to buy and the seller wants to sell, you still have a deal. Get to work to solve the problem.

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Debt-to-income ratio Agents Finance Backup offer 94

Norada Real Estate

APRIL 20, 2023

For example, if the original buyer is unable to secure financing or backs out of the contract for another reason, the seller may be willing to consider other offers. In some cases, a seller may be willing to accept a backup offer. A backup offer is an offer that is made in case the original contract falls through.

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Backup offer Due diligence Inspection Finance 52

The Residential Specialist

DECEMBER 31, 2020

So, when you’re communicating in a multiple-offer situation, do it with respect, do it with professionalism and be the agent that someone wants to work with.”. Backup Offers. When working with buyers, particularly when you know you may be heading into a multiple-offer situation, it’s important to discuss backup offers with them.

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Backup offer Agents Pre-approval Marketing 98

Housing Wire

JANUARY 12, 2022

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. Let’s talk about purchase transactions. The emotions and anxiety in the homebuying process are amplified in a market where housing supply is very tight.

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Loans Mortgages Backup offer Closing 365

Housing Wire

APRIL 8, 2021

” Fronk said she saw one home in Logan receive 23 offers before it sold for $75,000 over asking price. “And it was a cash offer,” she said. “The backup offer could have gotten the seller a little bit more, but it was a site-unseen offer and the seller felt a little more comfortable going with the first offer.”

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Marketing Land Backup offer Agents 417

Realty Biz

NOVEMBER 11, 2020

In real estate jargon, this is referred to as a “backup offer.” ” In order for a backup offer to kick in, the first buyer would need to relinquish their right to purchase the home. At this point, a seller could move forward with accepting the backup offer.

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Home sale contingency Sales Backup offer Earnest money deposit 109

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. Making an Offer on a House Under Contract. There is always a chance that the deal may not proceed.

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Purchase and sale agreement Backup offer Inspection Agents 126

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. No Showings. Common Contingencies Found in Real Estate Contracts.

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Purchase and sale agreement Home sale contingency Backup offer Inspection 145

HomeLight

JULY 23, 2021

If the first offer isn’t accepted — maybe the price is too low, or there are too many contingencies on the sale — the seller will surely want the opportunity for another offer to come in on their home. When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

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MLS Agents Purchase and sale agreement Backup offer 106

Real Trends

JANUARY 25, 2023

Sean Black, co-founder and CEO of Knock, says the Home Swap product is different from the loans offered by other companies because it partners with lenders and allows customers to leverage the equity of their current house. It also claims that 91% of the company’s homes sell within 90 days or less.

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Agents Finance Equity Mortgages 56

HomeLight

DECEMBER 31, 2020

Line up backup offers to hedge your risk. This creates the perfect opportunity for sellers to line up a backup offer from another buyer that only comes into effect if the original pending sale falls through. A great agent will also help you hold buyers accountable to their contract deadlines to keep escrow on track.

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Closing Sales Inspection Backup offer 101

Realtor.com

SEPTEMBER 14, 2020

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. Listed for $110,000 in August, it was reduced to $100,000 in early September. That sealed the deal. “We

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Backup offer Closing Marketing As-is 135

Realty Biz

MAY 24, 2021

You can work closely with your real estate agent to structure an offer that will gain the attention of the seller based on contingencies, concessions, and anticipated closing date. Even if you are outbid, make your best offer a backup offer. Some buyers will offer more than they can deliver. Be patient.

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Marketing Backup offer Residential MLS 88

Realty Biz

NOVEMBER 15, 2021

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. They were told immediately afterwards that the home was already under contract, though their backup offer of $780,000 was eventually accepted after the first transaction fell through.

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Backup offer Inspection Agents Land 100

RIS Media

APRIL 8, 2022

If you put an offer on a property marked contingent, you could be the next buyer should the current contract fall through. You’ll want to make a backup offer to put yourself in the game. You can fail to get a response if the sale goes through. The seller can also promise to get back to you. It depends.

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Debt-to-income ratio Home sale contingency Title search Finance 144

First Team Real Estate

MAY 27, 2021

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.” ” What sets you apart from other agents in the industry?

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Agents MLS Backup offer Loans 98

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 Agents Backup offer Inspection 102

Realty Biz

JULY 25, 2023

Contingencies also help provide availability to sellers looking for backup offers. Generally, sellers cannot accept another offer on their house if it is under contract. Once a seller accepts an offer and signs a contract, they are legally bound to that contract until it is either fulfilled or terminated.

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Sales Inspection Inspection contingency Seller disclosure 86

Realtor.com

DECEMBER 31, 2020

But if you truly dig the vibe, there may be a slim chance—the sellers are accepting backup offers. Such is the case with this snazzy ranch house built in 1958 and listed on Christmas Eve at $1,299,000. The Atomic Age beauty went under contract within three days.

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Backup offer Residential Land Design 88

Windemere Selling

NOVEMBER 30, 2022

It means the seller has accepted a buyer’s offer, but there are certain contingencies that must be met before the deal goes final. Buyers who see a home listed as “under contract” may still reach out to the seller’s listing agent to make a backup offer, unless the contract that’s already in place contains a clause preventing it.

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Purchase and sale agreement Home sale contingency Inspection Backup offer 52

RIS Media

APRIL 18, 2022

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. Speak to your real estate agent about what to expect. Get pre-approved for a mortgage.

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Pre-approval Mortgages Agents Due diligence 112

First Team Real Estate

MAY 14, 2021

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.

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Agents Backup offer Inspection Closing costs 98

HomeLight

OCTOBER 20, 2020

If you’ve accepted an offer that is contingent on a home sale and you have added a kick-out clause, your home should be listed with a status such as “Contingent With Kickout. This tells other buyers that the home is still available for showings and backup offers. It’s not instant.

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Purchase and sale agreement Home sale contingency Earnest money deposit Backup offer 54

The Close

APRIL 26, 2022

Write Backup Offers With a Backup Clause Written by an Attorney. If your buyers love a neighborhood or home, don’t be afraid to write a backup offer on homes that are already pending. This is why we coach our buyers’ agents to encourage their clients to submit backup offers on hot properties.

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Agents MLS Purchase and sale agreement Backup offer 81

HomeLight

NOVEMBER 1, 2021

In a hot market, the seller’s agent may have backup offers and eager buyers waiting in the wings to snatch up the home. If the seller’s agent has other offers on the table, and the appraisal comes in low, the buyer will be motivated to come up with the difference rather than negotiate a lower price.

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Purchase and sale agreement Mortgages Agents Proof of funds 82

First Team Real Estate

NOVEMBER 9, 2020

If the buyers get cold feet or financing falls through, you want to be ready with your own backup offer in place so that you can be next in line to secure your dream house. Contact listing agents whose listings are currently in escrow that fit your needs and check the sales status.

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Agents Purchase and sale agreement MLS Backup offer 93

Windemere Buying

JUNE 22, 2022

It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. Other interested buyers will make backup offers in case the first offer falls through.

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Purchase and sale agreement Seller concession Inspection contingency Inspection 52

Realty Biz

JUNE 30, 2021

You’ll be viewing properties online, talking to agents, touring houses, and making offers even when you think someone else will make a better offer. But you never know when your backup offer might be the one that goes to the closing table. At the same time, you may need to pace yourself to avoid burning out or giving up.

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Agents Inspection Backup offer Closing 105

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. It shows that the contract has been agreed upon, but some work still needs to be done before closing. Not all sales will have contingencies with them, but most will.

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MLS Purchase and sale agreement Inspection contingency Home sale contingency 98

Easy Agent Pro

JUNE 8, 2021

The backup offer. If buyers are on the edge of their preapproval amount and wouldn’t be able to participate in a bidding war, explain how to sweeten the contract’s terms. “If If you sleep on it, then you likely won’t sleep in it,” Francis tells her readers. “In In a competitive market like this, you must act fast.”.

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Agents Purchase and sale agreement Backup offer Marketing 116

RIS Media

MAY 15, 2021

The seller, despite having 13 backup offers, instructed his listing agent to contact “that agent” who came to his house with the “little girl” before putting the house back on the market—a testament that screams volumes about RomeoDiSantillo and how she puts herself out to the world. The kicker?

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Agents Backup offer Inspection Residential 77