First Team Real Estate

AUGUST 8, 2021

According to the latest National Association of REALTORS® Profile of Home Buyers and Sellers, the typical home sold last year was on the market for just three weeks. of offers faced bidding wars. In that case, the home has to go back on the market, pushing your timeline out even further. What is a backup offer?

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. The hotter the market, the less likely it is to fall through.

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. Is it Possible to Make an Offer on a Contingent Home? No Showings.

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

When your home first hits the market, your listing agent will note that it’s “Active,” as in ready and available for showings — but there’s a lot of ground to cover before your agent lists the status as “Closed,” when you have a done deal and you’re ready to hand over the keys. Selling your house soon? Closed”- Consider these listings sold.

MLS

Realty Biz

NOVEMBER 11, 2020

How your real estate agent markets your property when an offer has been accepted can have vital implications. They will also get their earnest money deposit back , and the home will go back on the market. Home Inspection Contingency. Home inspections are one of the biggest hurdles in home sales.

Backup offer

Realtor.com

NOVEMBER 28, 2022

Fotoamator/iStock Can you show your home with an offer on the table? You’ve accepted the offer , which means you’re in wedded bliss and off the market, so to speak, right? Such contractual obligations can include both sides not agreeing on a request for repairs after an inspection, says Peters. Not so fast!

Backup offer

HomeLight

DECEMBER 31, 2020

Real estate agents keep an eye on sales pending properties because there are a number of ways that the deal could fall through and the house could come back on the market. Things that could derail a sale during the sale pending period include: The home inspection. Line up backup offers to hedge your risk.

Closing

RIS Media

APRIL 8, 2022

Homes listed as contingent mean a home seller has accepted an offer on the house, and the sale is going through once a specific criterion (highlighted in the contract) is met. Homes that are listed as pending or sold are officially off the market. . Other factors can also put a home back on the market. Home inspection problems.

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. Learn More Should I accept an offer with a home sale contingency?

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. Why might a pending house come back on the market? Why might a home be listed as pending?

Inspection contingency

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. Conditions of the market ( buyer’s market versus seller’s market ).

Option period

Realty Biz

NOVEMBER 15, 2021

The reality is that as soon as a listing lands on the market, the race is on. Between July 2020 and June 2021, the average home was on the market for just one week before going under contract, according to the National Association of Realtor’s newly published 2021 Profile of Home Buyers and Sellers.

Backup offer

HomeLight

JANUARY 5, 2022

Unlike taking your house off the market , withdrawing from a purchase contract can cost you big time. In a housing shortage, the market is ripe with bidding wars. It’s not unheard of for sellers to receive higher offers after signing a purchase agreement and want to back out of the contract. But are you stuck? Not necessarily.

Purchase and sale agreement

RIS Media

APRIL 18, 2022

Take time to understand the current housing market. There’s no guarantee that the property you like will be available when you’re ready to make an offer. You’ll want to be sure you understand the current market and what houses are available. Is it a buyer’s market or a seller’s market?

Pre-approval

Realty Biz

JUNE 30, 2021

As an entire group, 54% of Millennials believe it will remain a strong buyers’ market for at least another 12 months. In this tight market, buyers can expect it to take many months between first checking their credit score and when they’ll close on a home. There will almost certainly be other offers within the first few days.

Backup offer

First Team Real Estate

MAY 14, 2021

If you’re starting your home search or sale, Zillow Seal Beach is a fine jumping-off point, but when it comes to analyzing the local real estate market, you need a local professional to help you come out on top. She’s also supported by 45 years of market expertise from First Team Real Estate, with access to our internal Buyer Delivery System.

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. – Closed: The home has been sold. .

Purchase and sale agreement

HomeLight

NOVEMBER 1, 2021

If you’re selling your home in a hot market rampant with bidding wars that drive up the purchase offers on home sales, you may realize that your home is unlikely to appraise for the inflated purchase offer or even for your asking price. In this case, the buyer hopes that the new appraisal will come in closer to market value.

Purchase and sale agreement

Realty Biz

JULY 25, 2023

There may still be contingencies that need to be met, such as a home inspection or appraisal. At this point, the property is typically removed from the market and is unavailable for other showings. For example, a buyer might have a contingency that the home must pass a home inspection. However, the sale is not yet final.

Sales

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. That way, if you receive another offer, the original buyer will have a certain period of time to remove the contingency.

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. Their home may be on the market, but they do not have buyers.

Home sale contingency

HomeLight

JUNE 29, 2022

According to Chester Ardolino , a real estate agent in Springfield , Massachusetts, the time to think about your top priorities as a seller is before the house hits the market. Some of us in the business have been calling this the ‘name your price’ market,” Ardolino says. But markets change, and sellers need to be prepared. “It

Earnest money deposit

Norada Real Estate

APRIL 20, 2023

In this blog post, we will discuss the real estate contract and address common questions such as whether a seller can accept another offer while under contract and whether it is still possible to make an offer on a house that is already under contract. In some cases, a seller may be willing to accept a backup offer.

Backup offer

HomeLight

JUNE 28, 2022

The different types of agents include: Also known as a seller’s agent, the listing agent helps homeowners to sell their homes, using expertise and knowledge of the local market to get the best sale price and ensure all the legal requirements are met for a successful home sale. Lists your home on the multiple listing service (MLS). Buyer side.

Purchase and sale agreement

HomeLight

DECEMBER 31, 2020

Its price will fluctuate year over year due to changes in your local market, natural appreciation, developments in your neighborhood, and any home improvements you’ve made. You want to arm yourself with recent market data before meeting with an agent or appraiser. Source: (wavebreakmedia / Shutterstock).

Backup offer

HomeLight

OCTOBER 11, 2021

Short sales can happen when people purchase a house at the top of the market, and then home values decrease. With a short sale, the bank is the one accepting the offer,” he says. If they are worried the current offer might fall through, having a backup offer is usually welcomed. What causes a short sale?

Short sale

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? In this booming housing market, the turnaround time between appraisal request and report deadline are sometimes less than 30 days. You’re ready to move on. And, what’s it going to take for your home to pass?

Loans

First Team Real Estate

DECEMBER 14, 2020

What sets First Team apart is our local, boots-on-the-ground knowledge of the Southern California real estate market. Our agents are also trained market experts who use our unique and proprietary Market Trends? Market Trends? to analyze changes that will affect your home sale. Their Strategy. Local Neighborhood Knowledge.

Brokerage

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. Image Source: Getty Images – Image Credit: xavierarnau. What does contingent mean in real estate? What is closing in real estate?

Purchase and sale agreement

HomeLight

OCTOBER 5, 2020

In this episode of The Walkthrough, you’ll meet a top agent in the red-hot Portland, Oregon, market who’s been winning bidding wars all year long — including seven straight in a single weekend! SPEAKER: Matt McGee, Host) If today’s real estate market had a sound, what would it sound like? Full Transcript. she says yes.

Agents

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