Realty Biz

NOVEMBER 11, 2020

When you begin an online search for a home, you may find some sale statuses you don’t fully understand. It is fairly obvious what is meant when homes have a status of “for sale” or “sold,” but some statuses may not be as clear. For example, if a home sale is contingent or pending, can you still make an offer?

Backup offer 112

Backup offer Sales Home sale contingency Earnest money deposit 112

Realtor.com

JANUARY 12, 2021

The buyers fell in love and made an offer, and you let out a great, big sigh of relief when the contract was signed. Then it happens—another offer comes in, and a better one at that. When is a sale a sale? Buyers can also take backup offers (more on these options later). Can you take the highest bid?

Backup offer 115

Backup offer Purchase and sale agreement Due diligence Inspection 115

HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

Closing 104

Closing Backup offer Sales Inspection 104

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.

Backup offer 52

Backup offer Due diligence Finance Inspection 52

HomeLight

JULY 23, 2021

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? 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

RIS Media

APRIL 18, 2022

There’s no guarantee that the property you like will be available when you’re ready to make an offer. Look at recent sale prices, as well as neighborhood trends. 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. Talk to neighbors.

Pre-approval 117

Pre-approval Backup offer Due diligence Rent back 117

HomeLight

SEPTEMBER 16, 2022

This enables the buyer to terminate the sale at any point during the allotted time. For example, states such as North Carolina and Georgia have a due diligence period that works in a similar way. The option period and fee are finalized in the purchase contract terms of the sale. When does an option period begin?

Option period 96

Option period Earnest money deposit Due diligence Inspection 96