Realty Biz

NOVEMBER 11, 2020

The Mortgage Financing Contingency. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Issues like these could lead to a buyer not getting the mortgage they expect. The document provided to the buyer at closing is what’s referred to as a mortgage plot plan.

Backup offer 110

Backup offer Sales Home sale contingency Earnest money deposit 110

RIS Media

APRIL 18, 2022

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. It may make sense to put in a backup offer when you’re not the winning bidder. Get pre-approved for a mortgage.

Pre-approval 119

Pre-approval Backup offer Due diligence Rent back 119

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 109

MLS Backup offer Agents Purchase and sale agreement 109

HomeLight

DECEMBER 31, 2020

However, a number of hiccups can prevent those contingencies from being lifted, including: Irresolvable issues that arise during due diligence. Line up backup offers to hedge your risk. Just make sure that backup offer is one you’re willing to accept — because that backup is a legally binding contract, too.

Closing 104

Closing Backup offer Sales Inspection 104