Backup offer Finance Purchase and sale agreement 
Redfin
JULY 16, 2025
Key takeaway: Once a home is under contract, the seller is legally bound to the agreement and cannot accept another offer – unless specific clauses or contingencies allow it. When a house goes “ under contract ,” most buyers assume the deal is sealed – but can a seller accept another offer while under contract? Generally, no.
Redfin
JUNE 11, 2025
In real estate, contingencies are conditions included in a purchase agreement that must be met for the transaction to move forward. Appraisal contingency When a buyer finances a home, lenders require an appraisal to confirm the property’s value supports the loan amount.
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Redfin
JUNE 30, 2025
Key takeaways: In most home purchases, the buyer’s agent delivers the offer to the seller’s agent, who then presents it to the seller If you don’t have an agent, you must submit the offer yourself—ideally with help from a real estate attorney. What is a good offer? What happens if your offer is a backup?
Point2Homes
DECEMBER 8, 2020
But, what does contingent mean and how does it affect your purchase? 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. However, even if the seller receives a higher offer, they cannot accept it. Contingent Statuses.
Realty Biz
SEPTEMBER 14, 2021
In some places, active under contract indicates that a contract has been signed but is contingent on certain conditions being met before the sale is finalized. In other locations, the sale may be referred to as being contingent in the multiple listing service (MLS). The seller has agreed to accept a contingent offer from the purchaser.
HomeLight
MARCH 20, 2023
That means a large majority of homebuyers must consider the sale of their current home prior to buying a new one. Most often, this type of scenario calls for a home sale contingency. Find a Buyer's Agent What is a home sale contingency? Thus, the purchase agreement is “contingent” on the sale of the buyer’s existing home.
HomeLight
JANUARY 5, 2022
Unlike taking your house off the market , withdrawing from a purchase contract can cost you big time. In this blog, we explain under what circumstances a seller may cancel a home purchase agreement. Why might a seller want to back out of a home sale? But are you stuck? Not necessarily. Change in circumstances.
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