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. Financing or Mortgage Contingencies.

Purchase and sale agreement 98

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

HomeLight

NOVEMBER 1, 2021

It’s likely that you will sell your home to a buyer who will finance the purchase with a mortgage. According to the National Association of Realtors (NAR), 87% of home buyers finance property purchases with a mortgage. Mortgage companies require an appraisal to determine the value of a home.

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Purchase and sale agreement Proof of funds Backup offer Finance 103

Windemere Buying

JUNE 22, 2022

Making an offer on a house feels like a reason to celebrate. You’ve applied for financing , worked with your agent to search for available listings, put in time attending open houses, and have found the place you’re ready to call home. So, what happens after you make an offer on a house?

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Purchase and sale agreement Inspection contingency Seller concession Backup offer 52

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. An ideal situation would be to receive an offer without a home sale contingency. It’s not instant.

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Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 61

HomeLight

JANUARY 13, 2022

Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. In other words, the primary deal on an active contingent listing might (maybe) fall through, causing sellers to place their home back on the market — or accept a backup offer. “I Inspection contingencies.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 89

HomeLight

DECEMBER 31, 2020

Some home value estimates cost money to obtain, so they’re better saved for when you’re looking to sell or refinance your mortgage. This route also eliminates the hassle of inspections, financing contingencies, repairs, and other challenges that can come with a traditional retail sale. Do your own comps analysis.

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Backup offer Sales Agents Investor 113

HomeLight

JULY 6, 2023

In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. Buyers also can use the findings of an inspection to negotiate for repairs or credits. Why have a backup offer on hand? Quite simply, life happens.

MLS 101

MLS Backup offer Inspection contingency Purchase and sale agreement 101

First Team Real Estate

DECEMBER 14, 2020

We listen to the needs of our lifelong clients, educate them with facts, and match for custom solutions in regards to inventory and creative financing. Qualified buyers can take advantage of a free, quarter of a percent buy down on the latest average mortgage rate to save tens of thousands of dollars on their next home purchase.

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Brokerage Backup offer Staging MLS 105

Housing Wire

MAY 14, 2024

All of the first-time buyers are a lot of the reason why things are falling out of escrow — being a backup offer is a good position to be in our market right now,” Levin said. While agents are happy to see first-time buyers in the market, it has also resulted in more complications getting a transaction to the closing table.

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Backup offer Days on market Inspection Marketing 421

First Team Real Estate

DECEMBER 13, 2020

We listen to the needs of our lifelong clients, educate them with facts, and match for custom solutions in regards to inventory and creative financing. Qualified buyers can take advantage of a free, quarter of a percent buy down on the latest average mortgage rate to save tens of thousands of dollars on their next home purchase.

Brokerage 40

Brokerage Backup offer Staging MLS 40

HomeLight

JANUARY 5, 2022

Typically, the seller’s agent stops accepting offers once the home is pending sale. However, it’s often a good idea to table backup offers, which may come into play if the sale falls through. Seller’s agents are obligated to present all offers to the seller, even after a contract has been signed,” says Garrett.

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Purchase and sale agreement Backup offer Inspection Agents 109

HomeLight

MARCH 20, 2023

After all, few people can afford to hold two mortgages. 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.

Home sale contingency 101

Home sale contingency Purchase and sale agreement Sales Earnest money deposit 101

HomeLight

DECEMBER 30, 2021

After being under the microscope at open houses and inspection, you may wonder: What’s the point of this final examination? After you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ). You’re ready to move on. And, what’s it going to take for your home to pass?

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Loans Agents Inspection Closing 117

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. With that in mind, it’s crucial that you work through all of the big negotiations before you accept an offer.

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Earnest money deposit Purchase and sale agreement Closing costs Closing 105