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.

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Backup offer Earnest money deposit Purchase and sale agreement Inspection contingency 98

HomeLight

JUNE 29, 2022

Whether it’s dealing with price negotiations or determining a timeline for closing and moving out of the property, you’ll want to step into the process already knowing your objectives and what to expect from prospective buyers. Price your house right to attract competitive offers. Require a sizable earnest money deposit.

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Earnest money deposit Purchase and sale agreement Closing costs Closing 111

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. They will also get their earnest money deposit back , and the home will go back on the market.

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Backup offer Home sale contingency Sales Earnest money deposit 111

Redfin

JUNE 11, 2025

If they can’t deliver a clear title by the closing date, the buyer may back out of the deal and recover their earnest money. Contracts that include this clause often specify key details, such as whether the buyer’s current home is already under contract and how much time is allowed for the sale to close.

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Purchase and sale agreement Home sale contingency Inspection contingency Earnest money deposit 31

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?

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Option period Earnest money deposit Due diligence Inspection 110

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. Doing so could mean the forfeiture of their earnest money deposit.

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Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

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.

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