Backup offer Lending Purchase and sale agreement Short sale 
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. Mortgage companies require an appraisal to determine the value of a home.
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. Considering that 78% of recent buyers financed their home purchase, this contingency is fairly standard. What other MLS statuses do agents use?
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