Backup offer Earnest money deposit Pre-approval 
Redfin
JUNE 30, 2025
The listing agent reviews the offer The seller’s agent is typically the first to review your offer. They’ll look over all the terms—including the purchase price, contingencies, financing details, earnest money deposit, and proposed timeline—and make sure everything is in order.
Realty Biz
NOVEMBER 11, 2020
They will also get their earnest money deposit back , and the home will go back on the market. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Perhaps, they have taken out a fresh loan, or their situation has changed in some other way since pre-approval.
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.
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