First Team Real Estate

AUGUST 8, 2021

According to the latest National Association of REALTORS® Profile of Home Buyers and Sellers, the typical home sold last year was on the market for just three weeks. of offers faced bidding wars. In that case, the home has to go back on the market, pushing your timeline out even further. What is a backup offer?

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Backup offer Earnest money deposit Purchase and sale agreement Inspection 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. Conditions of the market ( buyer’s market versus seller’s market ).

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Option period Earnest money deposit Due diligence Inspection 85

Realty Biz

NOVEMBER 11, 2020

How your real estate agent markets your property when an offer has been accepted can have vital implications. They will also get their earnest money deposit back , and the home will go back on the market. 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

MAY 19, 2021

The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. Common real estate contingencies include the following: Inspection Contingencies. The most common contingency is the home inspection contingency. Appraisal Contingencies.

Purchase and sale agreement 98

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

HomeLight

OCTOBER 20, 2020

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. That way, if you receive another offer, the original buyer will have a certain period of time to remove the contingency.

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

HomeLight

JUNE 29, 2022

According to Chester Ardolino , a real estate agent in Springfield , Massachusetts, the time to think about your top priorities as a seller is before the house hits the market. Some of us in the business have been calling this the ‘name your price’ market,” Ardolino says. But markets change, and sellers need to be prepared. “It

Earnest money deposit 94

Earnest money deposit Purchase and sale agreement Closing costs Closing 94

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. Their home may be on the market, but they do not have buyers.

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 90