Redfin

JUNE 11, 2025

Financing (mortgage) contingency A financing contingency , also known as a mortgage contingency, allows the buyer to back out of the sale if they’re unable to secure mortgage approval, usually 21 to 30 days. Sellers may counter with a kick-out clause, which permits them to continue marketing the home and accept backup offers.

Purchase and sale agreement

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.

Backup offer

HomeLight

JUNE 29, 2022

As interest rates start increasing, as they are right now in 2022 , sellers may not have as many backup offers to consider as they would when rates were low. Price your house right to attract competitive offers. Require a sizable earnest money deposit. Lowball offers that are well under asking price.

Earnest money deposit

Realty Biz

NOVEMBER 11, 2020

They will also get their earnest money deposit back , and the home will go back on the market. 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. Maybe they have an unsubstantiated cash deposit ?

Backup offer

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. Financing or Mortgage Contingencies. The majority of homebuyers use a mortgage to finance their purchases. Buyers need to keep track of their mortgage contingency to make sure it doesn’t lapse.

Purchase and sale agreement

HomeLight

OCTOBER 20, 2020

One of the biggest risks associated with this type of offer is when there are two or three home purchases that are all contingent on the sale of another property. An ideal situation would be to receive an offer without a home sale contingency. This tells other buyers that the home is still available for showings and backup offers.

Backup offer

HomeLight

MARCH 20, 2023

After all, few people can afford to hold two mortgages. Financing Contingency: If the buyer’s mortgage proceedings fall through, they can walk away from the home. With] your house under contract, we know what your buying power is, and [we can make] a much stronger offer.” Will a seller accept my home sale contingency offer?

Home sale contingency