HomeLight

DECEMBER 31, 2020

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Putting your John Hancock on a home sale contract might feel like the completion of a major financial deal, but it’s actually just the beginning of the home sale process. What does “sale pending” mean?

Closing

HomeLight

MARCH 20, 2023

That means a large majority of homebuyers must consider the sale of their current home prior to buying a new one. Most often, this type of scenario calls for a home sale contingency. Find a Buyer's Agent What is a home sale contingency? Thus, the purchase agreement is “contingent” on the sale of the buyer’s existing home.

Home sale contingency

HomeLight

JANUARY 13, 2022

Many offers contain contingencies. In May 2020, 76% of closed sales contained purchase contingencies, a survey from the National Association of Realtors® (NAR) found. Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. Inspection contingencies.

Backup offer

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. If you refuse and you can’t come to an agreement, they’re free to walk away.

Home sale contingency

HomeLight

JANUARY 5, 2022

Unlike taking your house off the market , withdrawing from a purchase contract can cost you big time. In this blog, we explain under what circumstances a seller may cancel a home purchase agreement. Why might a seller want to back out of a home sale? But are you stuck? Not necessarily. Change in circumstances.

Purchase and sale agreement

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. An offer has been accepted, and the sale is expected to close.

MLS

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. How is the appraised value of the home determined? What is an appraisal gap?

Purchase and sale agreement

HomeLight

JULY 23, 2021

The MLS is a real estate database of all the homes in your area that are currently for sale, pending sale, or have recently been sold, and so much more. Will a house with an offer on it be removed from the MLS? When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

MLS

RIS Media

MAY 19, 2021

” What do they mean and how will they affect your home sale? Despite this, there can still be room to negotiate the conditions of the sale. The contingent label in a listing indicates that the seller has accepted the offer; however, certain things need to happen before things can move on. Contingent Meaning.

Purchase and sale agreement

HomeLight

JUNE 29, 2022

Before you post the “for sale” sign in your front yard, it’s important to prepare yourself for a critical part of the home-selling process : negotiating with buyers. Here are nine expert house negotiation tactics to help you on your way to a successful sale. Making enough money off the sale to fund the downpayment on a new home.

Earnest money deposit

HomeLight

OCTOBER 20, 2020

As any seller would be, you’re thrilled when an offer comes in for your property — but that excitement fades when you find out it’s contingent on the sale of the buyer’s home. You’re hesitant to put all of your proverbial eggs in one buyer’s basket when the sale might never actually happen.

Backup offer

HomeLight

JUNE 28, 2022

In this article, we explain the roles agents play in your home sale or purchase, their required level of experience, and the services they provide in your home sale or purchase. The buyer’s agent helps a buyer locate and purchase a home, negotiating the best deal for their client. Don’t break the law. Find Agent.

Purchase and sale agreement

Windemere Selling

MAY 16, 2022

One such obstacle is when a buyer decides to terminate their contract to purchase your home after all the terms have been agreed to. If a buyer is hesitant about purchasing a home, the best time to back out of the deal is before their offer is accepted. So, what’s a seller to do?

Backup offer

Marco Santarelli

APRIL 15, 2023

When a buyer submits an offer to purchase a property, and the seller accepts that offer, the property is considered “under contract.” This could be related to financing, inspection reports, or other factors that need to be addressed before the deal can proceed. What Does “Under Contract” Mean?

Backup offer

Windemere Selling

NOVEMBER 30, 2022

The following information is meant to clarify some common real estate terms that describe a home for sale and its position in the closing process. And for buyers, it helps to be familiar with these terms when searching for your next home and how they factor into making an offer. Image Source: Getty Images – Image Credit: xavierarnau.

Purchase and sale agreement

Windemere Buying

JUNE 22, 2022

You can accept or reject the counteroffer or come back with a counteroffer of your own, which may continue for multiple rounds until the two parties reach an agreement. Other interested buyers will make backup offers in case the first offer falls through. Once the purchase agreement is signed, it becomes legally binding.

Purchase and sale agreement

Rochester Real Estate

NOVEMBER 5, 2015

What To Expect From Your Listing Agent Why For Sale By Owners (FSBOs) Fail Blog Featured Articles Home Buying Home Selling LOCAL Rochester NY Articles What Does Contingent Status Mean in Real Estate? These sale status include some of the ones we all know, such as “for sale” and “sold.”

Purchase and sale agreement