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.

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

RIS Media

APRIL 8, 2022

The lending institution can also stop the transaction. . 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. You’ll want to make a backup offer to put yourself in the game.

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Debt-to-income ratio Title search Backup offer Home sale contingency 144

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?

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Home sale contingency Inspection contingency Purchase and sale agreement Inspection 141

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.

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Option period Earnest money deposit Due diligence Inspection 86

HomeLight

JULY 23, 2021

From the terms for different types of houses to the lingo associated with lending, there’s plenty of terminologies that can feel overwhelming for a buyer to keep up with. When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

MLS 109

MLS Backup offer Agents Purchase and sale agreement 109

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. Appraisal Contingencies.

Purchase and sale agreement 98

Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

HomeLight

NOVEMBER 1, 2021

The appraisal helps ensure that the mortgage company doesn’t lend more than the property is worth. 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.

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Purchase and sale agreement Proof of funds Backup offer Finance 92