First Team Real Estate

AUGUST 8, 2021

The only way around re-listing is to accept backup offers, so during the planning phase of your home sale, talk to your listing agent about the pros and cons of backup offers. What does it mean when it says accepting backup offers? What is a backup offer? Backup offers, however, can be tricky.

Backup offer

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.

Backup offer

Realtor.com

JANUARY 12, 2021

You could, for example, insert terms in the purchase agreement that allow you, as the seller, to continue to accept offers and for the buyer to be allowed the option to match or exceed any higher offers. Buyers can also take backup offers (more on these options later). Can home sellers accept backup offers?

Backup offer

Realtor.com

APRIL 9, 2021

When a real estate listing is “under contract,” there are still contingencies attached to that offer that must be cleared before closing, says Kelley Ramirez , a real estate agent with Charles Rutenberg Realty in Central and South Florida. In other words, if you want this home for yourself, that could still happen. “If

Backup offer

Point2Homes

DECEMBER 8, 2020

A home listed as contingent means the seller has accepted an offer. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. A backup offer is not uncommon in real estate sales. No Showings. Common Contingencies Found in Real Estate Contracts.

Purchase and sale agreement

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.

Backup offer

Realty Biz

SEPTEMBER 14, 2021

Before finalizing the deal, certain conditions ( like a completed property inspection) must take place. The seller has agreed to accept a contingent offer from the purchaser. During this time, the seller can still accept backup offers from other interested parties. Making an Offer on a House Under Contract.

Backup offer

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

Realty Biz

NOVEMBER 11, 2020

Home Inspection Contingency. Home inspections are one of the biggest hurdles in home sales. It is not uncommon for a home to go from being market “contingent” to “back on the market” because of some issues discovered from the home inspection. Home Sale Contingency.

Backup offer

Realtor.com

NOVEMBER 28, 2022

Such contractual obligations can include both sides not agreeing on a request for repairs after an inspection, says Peters. But even if you are pleased with your current offer, you might still want to let your agent continue showing your home. “In It’s also possible that your buyer can’t get the loan approved.

Backup offer

HomeLight

DECEMBER 31, 2020

Things that could derail a sale during the sale pending period include: The home inspection. Most buyers will add a number of contingencies to the contract, such as the home inspection, appraisal, and financing contingency. Line up backup offers to hedge your risk. You’re not entitled to see the full inspection report.

Closing

RIS Media

APRIL 8, 2022

Home inspection problems. Home inspections are standard practice when buying a home and don’t usually stop a sale unless there is a severe underlying issue with the property. If you put an offer on a property marked contingent, you could be the next buyer should the current contract fall through. It depends.

Debt-to-income ratio

HomeLight

JUNE 9, 2023

These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home. As of 2023, 79% of contracts included an inspection contingency while 82% contained an appraisal contingency. If I accept an offer with contingencies, what happens to my listing status?

Home sale contingency

HomeLight

NOVEMBER 8, 2024

A home is marked as pending once an offer is accepted and both parties have agreed to the sale’s terms. This can mean that the buyer’s financing is approved, the inspection contingency is met, or any appraisal concerns are resolved. Most pending listings are off-limits for new offers, as the seller has already committed to a buyer.

Inspection contingency

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.

Purchase and sale agreement

HomeLight

JULY 23, 2021

If the first offer isn’t accepted — maybe the price is too low, or there are too many contingencies on the sale — the seller will surely want the opportunity for another offer to come in on their home. When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

MLS

HomeLight

SEPTEMBER 16, 2022

Before inspections, you may fear the state of the home or the seller’s willingness to negotiate repairs if the home needs serious work. The home will revert to “option pending” on the market and sellers can only accept backup offers during this time. Type of inspections needed for the buyer to do their due diligence.

Option period

Realty Biz

NOVEMBER 15, 2021

They were finally successful after a search lasting more than five months, when they made an offer on a home within an hour of seeing it last February. They were told immediately afterwards that the home was already under contract, though their backup offer of $780,000 was eventually accepted after the first transaction fell through.

Backup offer

RIS Media

APRIL 18, 2022

Buyers are waiving a home inspection. Buyers are waiving their home appraisal or offering an appraisal gap guarantee. Getting rid of the mortgage financing clause in their offer. You may see some of these things or all of them before making an offer. It will help tailor your offer when the time comes.

Pre-approval

Realty Biz

JUNE 30, 2021

You’ll be viewing properties online, talking to agents, touring houses, and making offers even when you think someone else will make a better offer. But you never know when your backup offer might be the one that goes to the closing table. There will almost certainly be other offers within the first few days.

Backup offer

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.

Purchase and sale agreement

First Team Real Estate

MAY 14, 2021

Brandice and her team go to bat for their clients on everything from preferred timeline, inspections, closing costs, backup offers, repairs, and so much more.

Backup offer

Realty Biz

JULY 25, 2023

There may still be contingencies that need to be met, such as a home inspection or appraisal. For example, a buyer might have a contingency that the home must pass a home inspection. If the home fails the inspection, the buyer can back out of the sale. This means that the buyer and seller have agreed on the terms of the sale.

Sales

Windemere Selling

MAY 16, 2022

Read about Common Real Estate Contingencies to understand the ins and out of the different contingencies buyers will generally tie to their offer. What to Do After a Home Buyer Backs Out Backup Offers Backup offers are made with the knowledge that an existing offer is already on the table.

Backup offer

HomeLight

NOVEMBER 1, 2021

This is the time when the inspection, any agreed upon repairs, and the appraisal take place. When the home is under contract, the seller and the seller’s agent aren’t usually showing the home or accepting additional offers. What happens if the home sale falls through? This works in the seller’s interest.

Purchase and sale agreement

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. This tells other buyers that the home is still available for showings and backup offers. It’s not instant.

Backup offer

Marco Santarelli

APRIL 15, 2023

This could be related to financing, inspection reports, or other factors that need to be addressed before the deal can proceed. If you're selling your home, setting contingencies protects you if something comes up with either buying another property or finding an acceptable offer from someone who wants to buy yours.

Backup offer

RIS Media

MAY 15, 2021

The seller, despite having 13 backup offers, instructed his listing agent to contact “that agent” who came to his house with the “little girl” before putting the house back on the market—a testament that screams volumes about RomeoDiSantillo and how she puts herself out to the world. The kicker?

Backup offer

HomeLight

MARCH 20, 2023

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. A kick-out clause acts as a sort of compromise in light of an offer with a home sale contingency.

Home sale contingency

Norada Real Estate

APRIL 20, 2023

During this period, the buyer has the opportunity to conduct inspections and complete other due diligence, as well as secure financing. For example, if the original buyer is unable to secure financing or backs out of the contract for another reason, the seller may be willing to consider other offers.

Backup offer

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.

Earnest money deposit

HomeLight

JUNE 28, 2022

Vets all buyers and presents you with all offers and backup offers. Evaluates and negotiates offers and makes recommendations on counteroffers. Ensures inspections , appraisals , and title services are scheduled; may meet inspectors and appraisers at your home. Schedules showings and hosts open houses.

Purchase and sale agreement

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? Pre-listing appraisal: In the San Francisco Bay area, pre-sale appraisals and inspections are common. You’re ready to move on. The only thing that stands between you and a sale is the appraisal.

Loans

Windemere Selling

NOVEMBER 30, 2022

Pending: When a home is listed as “pending” it means the seller has accepted the buyer’s offer and the sale will most likely be finalized after a successful final inspection and the buyer securing financing. What is the difference between pending and under contract? Image Source: Getty Images – Image Credit: xavierarnau.

Purchase and sale agreement

HomeLight

OCTOBER 11, 2021

If they are worried the current offer might fall through, having a backup offer is usually welcomed. Do a walk-through of the property, and review any existing inspections or appraisals available to you. They might think they can get more money for the home if they leave their options open, which does happen sometimes.

Short sale

Windemere Buying

JUNE 22, 2022

It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. Other interested buyers will make backup offers in case the first offer falls through.

Purchase and sale agreement

HomeLight

DECEMBER 31, 2020

This route also eliminates the hassle of inspections, financing contingencies, repairs, and other challenges that can come with a traditional retail sale. You want to have a “backup offer” in case the regular listing process doesn’t work out. Shrauner often purchases homes for cash. Check the FHFA HPI calculator.

Backup offer