Point2Homes
DECEMBER 8, 2020
As the buyer works to meet these contingencies, other potential purchasers can view the property and make offers — but the offers will be put into what is called “backup status.” A backup offer is not uncommon in real estate sales. 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. You priced your home based on recent home sale(s) for which the buyer(s) paid well over appraised value.
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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. Quite simply, life happens.
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
DECEMBER 30, 2021
Pre-listing appraisal: In the San Francisco Bay area, pre-sale appraisals and inspections are common. Because they know what appraisers are looking for, home inspectors or even experienced agents can flag issues that impact an appraisal and make sure the property is finance-able,” Helali says. Source: (Markus Spiske / Unsplash).
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