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. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. A backup offer is not uncommon in real estate sales.

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Purchase and sale agreement Backup offer Home sale contingency Short sale 145

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.

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Backup offer Purchase and sale agreement Inspection Agents 52

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. Home Inspection Contingency. Home inspections are one of the biggest hurdles in home sales.

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Backup offer Sales Home sale contingency Earnest money deposit 110

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. . Home inspection problems. Sometimes significant problems are revealed that could hinder the closing happening. Low appraisal.

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Debt-to-income ratio Title search Backup offer Home sale contingency 144

Norada Real Estate

APRIL 20, 2023

When a seller accepts an offer from a buyer, they sign a contract that outlines the terms of the sale. The contract is a legally binding document that includes the timeline for the sale, including the closing date. In some cases, a seller may be willing to accept a backup offer.

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Backup offer Due diligence Finance Inspection 52

Windemere Selling

NOVEMBER 30, 2022

The following information is meant to clarify some common real estate terms that describe a home for sale and its position in the closing process. 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. What is closing in real estate?

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Purchase and sale agreement Backup offer Home sale contingency Inspection 52

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. Common real estate contingencies include the following: Inspection Contingencies.

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

HomeLight

SEPTEMBER 16, 2022

Before inspections, you may fear the state of the home or the seller’s willingness to negotiate repairs if the home needs serious work. The home will revert to “option pending” on the market and sellers can only accept backup offers during this time. Type of inspections needed for the buyer to do their due diligence.

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Option period Earnest money deposit Due diligence Inspection 83

Windemere Buying

JUNE 22, 2022

Sellers will typically request alterations like a higher price, a modification to your contingencies , or an adjustment of closing dates. Prepare for counteroffers ahead of time with your agent by discussing your price limit , how much you’re willing to budge on your contingencies, your flexibility around closing dates, etc.

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Purchase and sale agreement Inspection contingency Seller concession Backup offer 52

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 Backup offer Agents Purchase and sale agreement 108

RIS Media

APRIL 18, 2022

Buyers are waiving a home inspection. Buyers are waiving their home appraisal or offering an appraisal gap guarantee. Getting rid of the mortgage financing clause in their offer. 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.

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Pre-approval Backup offer Due diligence Rent back 117

HomeLight

OCTOBER 20, 2020

In real estate, a “contingent” offer means that one or both parties have requested certain provisions before the deal closes. It’s standard for homebuyers to pencil in these escape hatches in the event that the home fails to appraise, an issue crops up with the title, or if they’re unhappy with the results of the inspection.

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Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 56

HomeLight

NOVEMBER 1, 2021

This is the time when the inspection, any agreed upon repairs, and the appraisal take place. When the home is under contract, the seller and the seller’s agent aren’t usually showing the home or accepting additional offers. If the home appraises for $400,000, the buyer will need to bring $15,000 cash to closing to cover the gap.

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Purchase and sale agreement Proof of funds Backup offer Finance 89

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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Backup offer Inspection Agents Residential 92

First Team Real Estate

DECEMBER 14, 2020

Our collaborative approach to serving all of our very real clients allows us to match buyers and sellers within our network of local agents, and close transactions quicker and easier than anyone else. We even pay for everything upfront so you aren’t charged a dime until your home closes for top dollar. Their Strategy. Their Strategy.

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Brokerage Backup offer Staging MLS 105

HomeLight

OCTOBER 11, 2021

The lender has the final say on these types of sales, and all offers must go through them. Normally, when someone puts their house up for sale, they have some equity in the property and will walk away with money in their pocket after closing.

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Short sale Sales Banks Backup offer 71

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.

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MLS Backup offer Inspection contingency Purchase and sale agreement 90

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. Inspection contingencies.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 75

HomeLight

DECEMBER 31, 2020

Keep your comps close together. A lot of sellers appreciate the convenience and privacy of an off-market cash sale, as they can pick a closing date and avoid having people coming through their house for showings. You want the flexibility of choosing your own closing date. Shrauner often purchases homes for cash.

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Backup offer Sales Agents Investor 100

First Team Real Estate

DECEMBER 13, 2020

Our collaborative approach to serving all of our very real clients allows us to match buyers and sellers within our network of local agents, and close transactions quicker and easier than anyone else. We even pay for everything upfront so you aren’t charged a dime until your home closes for top dollar. Their Strategy. Their Strategy.

Brokerage 40

Brokerage Backup offer Staging MLS 40

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 Backup offer Inspection Agents 107

HomeLight

DECEMBER 30, 2021

You’re so close to closing. After being under the microscope at open houses and inspection, you may wonder: What’s the point of this final examination? The appraisal is usually the last piece of the loan package to be completed before closing. You’re ready to move on. Be flexible in scheduling. Keri White. Keri White.

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Loans Agents Inspection Closing 117

HomeLight

MARCH 20, 2023

Other common contingency clauses include: Inspection Contingency: If the buyer finds fault with the home inspection report, they can ask for the seller to make repairs, or they can cancel the contract within the contingency period. Will a seller accept my home sale contingency offer?

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 88

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.

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Backup offer Inspection Agents Closing 108

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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Backup offer Branding Closing costs Inspection 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. Chester Ardolino. Real Estate Agent. Chester Ardolino.

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Earnest money deposit Purchase and sale agreement Closing costs Closing 92

HomeLight

MARCH 15, 2021

If you want to win more bidding wars, you can’t keep writing offers the same way you always have. When you’re up against five, 10, or even 50+ other offers, the smallest details can have the biggest impact. And winning often comes down to something other than price or closing date. And it’s not that big a deal, I get.

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Agents Backup offer Inspection Closing 78

HomeLight

OCTOBER 5, 2020

If you want to win more bidding wars, you can’t keep writing offers the same way you always have. When you’re up against 5, 10, or even 50+ other offers, the smallest details can have the biggest impact. And winning often comes down to something other than price or closing date. And it’s not that big a deal, I get.

Agents 75

Agents Backup offer Inspection Closing 75

HomeLight

JUNE 28, 2022

Vets all buyers and presents you with all offers and backup offers. Evaluates and negotiates offers and makes recommendations on counteroffers. Ensures inspections , appraisals , and title services are scheduled; may meet inspectors and appraisers at your home. Coaches you through the transaction and closing.

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Agents Purchase and sale agreement Brokerage Backup offer 86