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 98

Backup offer Earnest money deposit Purchase and sale agreement Inspection contingency 98

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?

MLS 90

MLS Backup offer Inspection contingency Purchase and sale agreement 90

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 Common types of contingencies.

Backup offer 76

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 76

HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. The final sale hangs in the balance, waiting for certain conditions or “contingencies” to be met. What are the most common contingencies?

Home sale contingency 140

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 140

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. No Showings. Short Sale.

Purchase and sale agreement 145

Purchase and sale agreement Backup offer Home sale contingency Short sale 145

Realty Biz

NOVEMBER 11, 2020

The home could be subject to a few different types of contingency. Let’s have a look at the most common types of contingency you are likely to see. Home Inspection Contingency. The purchase of the property can be contingent on the home inspector’s report. Appraisal Contingency.

Backup offer 110

Backup offer Sales Home sale contingency Earnest money deposit 110

HomeLight

MARCH 20, 2023

After all, few people can afford to hold two mortgages. 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.

Home sale contingency 88

Home sale contingency Purchase and sale agreement Sales Earnest money deposit 88