Backup offer Finance Mortgages Short sale 
Point2Homes
DECEMBER 8, 2020
A home listed as contingent means the seller has accepted an offer. However, before the sale can go to closing, certain contingencies must be met. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. Short Sale. No Showings.
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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
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 Financing contingencies.
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. Financing contingency Sometimes called a mortgage contingency , this specifies that the deal hinges on the buyer securing their loan.
HomeLight
DECEMBER 30, 2021
After you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ). This protects the lender in case the buyer later defaults on their mortgage and the lender has to foreclose on the property. And, it pays to be flexible. Source: (Markus Spiske / Unsplash).
Expert insights. Personalized for you.
145 
Let's personalize your content