Realty Biz

NOVEMBER 11, 2020

One of the standard contingencies in nearly all real estate contracts is delivering a clear title. A few things that ensure this happening are a title search to ensure there are no liens or other title problems, putting a cloud on the title. In real estate jargon, this is referred to as a “backup offer.”

Backup offer 110

Backup offer Sales Home sale contingency Earnest money deposit 110

RIS Media

MAY 19, 2021

” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” Two important statuses in the MLS are “Contingent” and “Pending.” Title Contingencies. What Other MLS Statuses Are There?

Purchase and sale agreement 98

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

Realty Biz

SEPTEMBER 14, 2021

In other locations, the sale may be referred to as being contingent in the multiple listing service (MLS). 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 124

Backup offer Purchase and sale agreement Inspection Sales 124

HomeLight

DECEMBER 31, 2020

The first is the active period, when your home is listed as available for sale in your local MLS. Sale pending is the status in between active and sold, which indicates that you’ve accepted an offer and are in the process of selling, but that the sale is not yet completed. Title work reveals unresolved issues.

Closing 103

Closing Backup offer Sales Inspection 103

HomeLight

JULY 6, 2023

That’s why it’s important for your real estate agent to keep your property’s status up to date, both in the multiple listing service (MLS) that agents cooperatively use, as well as in online marketplaces, which pull data from the MLS. An offer has been accepted, and the sale is expected to close. Why have a backup offer on hand?

MLS 90

MLS Backup offer Inspection contingency Purchase and sale agreement 90

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. This tells other buyers that the home is still available for showings and backup offers. It’s not instant.

Backup offer 56

Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 56

HomeLight

MARCH 20, 2023

Title Contingency: If the title inspection reveals problematic issues, the buyer can insist upon remedies from the seller or walk away from the purchase. A kick-out clause acts as a sort of compromise in light of an offer with a home sale contingency. In Allen’s market, this term is more common.

Home sale contingency 88

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