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
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. So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo?
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
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