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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Backup offer Earnest money deposit Purchase and sale agreement Inspection contingency 98

HomeLight

SEPTEMBER 16, 2022

The home will revert to “option pending” on the market and sellers can only accept backup offers during this time. The buyer would still receive back the earnest money deposit (EMD) placed down at signing, usually between 1% and 3% of the sale price. How much is a typical option period fee? Is this refundable?

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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. Doing so could mean the forfeiture of their earnest money deposit. Lenders aren’t going to provide money for a property that the buyer’s offer has overvalued.

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