Housing Wire

MARCH 21, 2025

Use this guide to get your transactions back to the closing table. ’ Rest assured: We have closed thousands of transactions over our real estate career and have coached thousands of coaching clients to meet or exceed their goals. If you have a backup offer, know the facts before switching to that deal. Don’t.

Finance

Housing Wire

FEBRUARY 14, 2024

As a result, homeowners either must sell their current home and suffer through double moves and short-term rentals to access the equity they’ve accrued, or they have to make contingent offers that require the sale of their current house to close. We work with lenders to fix the problem at its root (i.e.,

Backup offer

First Team Real Estate

AUGUST 8, 2021

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. What does it mean when it says accepting backup offers? What is a backup offer? Backup offers, however, can be tricky.

Backup offer

Housing Wire

JANUARY 12, 2022

We’ve worked closely with our partners to understand what they need and have designed technology enhancements that will roll out in phases during 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.

Backup offer

Housing Wire

MAY 14, 2024

While agents are happy to see first-time buyers in the market, it has also resulted in more complications getting a transaction to the closing table. All of the first-time buyers are a lot of the reason why things are falling out of escrow — being a backup offer is a good position to be in our market right now,” Levin said.

Backup offer

Hank Miller Team

OCTOBER 1, 2021

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? What is a Backup Offer?

Backup offer

Realtor.com

JANUARY 12, 2021

You could, for example, insert terms in the purchase agreement that allow you, as the seller, to continue to accept offers and for the buyer to be allowed the option to match or exceed any higher offers. Buyers can also take backup offers (more on these options later). Can home sellers accept backup offers?

Backup offer

Realtor.com

APRIL 9, 2021

When a real estate listing is “under contract,” there are still contingencies attached to that offer that must be cleared before closing, says Kelley Ramirez , a real estate agent with Charles Rutenberg Realty in Central and South Florida. What does ‘under contract’ mean? Well, it could take a while.

Backup offer

HomeLight

DECEMBER 31, 2020

Not only will you need to be packing, cleaning, and getting the house ready for your buyer, there’s also a lot of waiting and hoping that all of the moving pieces fall into place and your home sale closes on time, if you make it to closing at all. Line up backup offers to hedge your risk.

Closing

HomeLight

JULY 6, 2023

When your home first hits the market, your listing agent will note that it’s “Active,” as in ready and available for showings — but there’s a lot of ground to cover before your agent lists the status as “Closed,” when you have a done deal and you’re ready to hand over the keys. An offer has been accepted, and the sale is expected to close.

MLS

Point2Homes

DECEMBER 8, 2020

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. 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. Contingent Statuses.

Purchase and sale agreement

Realtor.com

NOVEMBER 28, 2022

If your offer’s wrapped up in the buyers’ ability to successfully offload their own home, there’s also a chance the sale could take months—maybe even years. But even if you are pleased with your current offer, you might still want to let your agent continue showing your home. “In

Backup offer

HomeLight

JANUARY 13, 2022

An active contingent listing means that the seller has accepted an offer from a buyer, but certain conditions haven’t been met yet. Many offers contain contingencies. In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Common types of contingencies.

Backup offer

Realty Biz

NOVEMBER 11, 2020

When a home sale is listed as contingent, it means that the seller has accepted an offer with contingencies. This means that certain clauses have to be completed, by perhaps both buyer and the seller, for the sale to close. The document provided to the buyer at closing is what’s referred to as a mortgage plot plan.

Backup offer

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. Homes are often marked in the multiple listing service as “pending” when a real estate agent is confident closing the sale.

Backup offer

Realtor.com

SEPTEMBER 14, 2020

If you look closely at the photos, you can really see the lengths the owner went to,” Kearney says. “He 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.

Backup offer

The Residential Specialist

DECEMBER 31, 2020

With many restaurants, stores and other businesses closed, people also aren’t going out as much and realize they want more from their homes, whether it’s an updated kitchen or space to spend time outside. Backup Offers. And, of course, keep showing your client’s home until the backup offer is accepted!

Backup offer

RIS Media

APRIL 8, 2022

Something can come up (such as an unanswered financial obligation or a significant purchase before the closing that changes the debt-to-income ratio) and put a home back. . Sometimes significant problems are revealed that could hinder the closing happening. Placing a purchase offer on a contingent home. Low appraisal.

Debt-to-income ratio

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.

MLS

HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. It’s also true that most real estate contracts, even those with contingencies, end up closing. Purchase mortgages today are taking over 40 days to close on average.

Home sale contingency

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.

Purchase and sale agreement

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.

Backup offer

Windemere Selling

MAY 16, 2022

But the reality is that sometimes there will be bumps in the road, and the best thing you can do is work closely with your agent to be prepared for them. As a seller, it’s critical that you work closely with your agent to understand the terms of the buyer’s offer.

Backup offer

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. There are a few important things to keep in mind when making an offer on a house: The offer price.

Pre-approval

HomeLight

OCTOBER 20, 2020

In real estate, a “contingent” offer means that one or both parties have requested certain provisions before the deal closes. 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. It’s not instant.

Backup offer

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.

Backup offer

HomeLight

NOVEMBER 8, 2024

In real estate, “pending” means a seller has accepted an offer, and the property is under contract , but the sale hasn’t yet closed. If everything goes smoothly, the sale could close faster. Can a buyer make an offer on a ‘pending’ house? Get Started What does pending mean in real estate? However, there can be exceptions.

Inspection contingency

Realty Biz

JUNE 30, 2021

In this tight market, buyers can expect it to take many months between first checking their credit score and when they’ll close on a home. 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. Stay in Touch with Your Agent.

Backup offer

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.

Purchase and sale agreement

RIS Media

MAY 19, 2021

However, this is just the start with many things to do before the status changes to “Closed.” The contingent label in a listing indicates that the seller has accepted the offer; however, certain things need to happen before things can move on. – Closed: The home has been sold. What Other MLS Statuses Are There?

Purchase and sale agreement

The Close

APRIL 26, 2022

Our persistence and strategy led to more than $1 billion in sales in 2021 and we’re on track to hit our goal of closing a thousand buyers in 2022. If you want to learn more about The Reynolds Team, check out my interview with team leader Sarah Reynolds Oji on The Close Weekly Podcast. Contact Top Listing Agents From Other Brokerages.

Backup offer

Easy Agent Pro

JUNE 8, 2021

Explain to readers what to pay close attention to in the purchase agreement. As we all know, there’s more to an offer than price. Council buyers to ensure they’re working closely with their lenders so that they’re ready to move if their offer is accepted. The backup offer. Again, don’t gloom and doom this.

Agents

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?

Backup offer

First Team Real Estate

DECEMBER 7, 2020

Having several offers on your home is fantastic, however, how do you guarantee you pick the very best deal and don’t miss out on an even better one? Speed primarily revolves around the closing date , but there are a couple of other aspects to think about. Having a solvent purchaser helps guarantee a smooth closing.

Purchase and sale agreement

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.

Agents

Toronto Realty Blog

NOVEMBER 3, 2021

In the Toronto real estate market, most deals close, and 99% of the time, they close as scheduled. But while these deals close, it doesn’t mean there aren’t bumps along the way. Case closed, right? Her offer also contained a 30-day closing, which my sellers loved. Not exactly.

Purchase and sale agreement

HomeLight

SEPTEMBER 16, 2022

The home will revert to “option pending” on the market and sellers can only accept backup offers during this time. The earnest money and the option fee are credited to you at closing,” explains Bacak for buyers who move forward. How much is a typical option period fee? Is this refundable? How long is a typical option period?

Option period