HomeLight

JULY 23, 2021

One term you’ll likely hear often during the homebuying process is “MLS,” which stands for multiple listing service. The MLS is a real estate database of all the homes in your area that are currently for sale, pending sale, or have recently been sold, and so much more. Will a house with an offer on it be removed from the MLS?

MLS 109

MLS Backup offer Agents Purchase and sale agreement 109

Realty Biz

NOVEMBER 11, 2020

While it is rarer for a home sale to fall apart because of a buyer not getting financing, it is still something where due diligence is essential. In real estate jargon, this is referred to as a “backup offer.” At this point, a seller could move forward with accepting the backup offer.

Backup offer 110

Backup offer Sales Home sale contingency Earnest money deposit 110

HomeLight

DECEMBER 31, 2020

The first is the active period, when your home is listed as available for sale in your local MLS. Sale pending is the status in between active and sold, which indicates that you’ve accepted an offer and are in the process of selling, but that the sale is not yet completed. Line up backup offers to hedge your risk.

Closing 104

Closing Backup offer Sales Inspection 104