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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Housing Wire

FEBRUARY 14, 2024

A majority of homeowners must sell their current home before they can qualify for a mortgage on their next home due to federal lending requirements around debt-to-income and down payments. When, and if, contingent offers are accepted, they can result in paying as much as 11% more for the home relative to a cash offer.

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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.

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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. . The lending institution can also stop the transaction. . Sometimes significant problems are revealed that could hinder the closing happening.

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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.

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HomeLight

JULY 23, 2021

From the terms for different types of houses to the lingo associated with lending, there’s plenty of terminologies that can feel overwhelming for a buyer to keep up with. When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

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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. Appraisal Contingencies.

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