RIS Media

APRIL 18, 2022

It may make sense to put in a backup offer when you’re not the winning bidder. Many buyers will put in offers on homes that are contingent just in case the home of their dreams comes back on the market. . Get pre-approved for a mortgage. This will help eliminate any surprises during the homebuying process.

Pre-approval 119

Pre-approval Backup offer Due diligence Rent back 119

Realty Biz

NOVEMBER 11, 2020

Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Perhaps, they have taken out a fresh loan, or their situation has changed in some other way since pre-approval. 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

The Residential Specialist

DECEMBER 31, 2020

Sellers are reaping the benefits from this shift in demand—it’s likely they’ll receive multiple offers on their homes and that they will sell for more than they may have pre-COVID. This helps us see instantly if a given offer is viable.”. Backup Offers.

Backup offer 98

Backup offer Pre-approval Agents Banks 98

RIS Media

APRIL 8, 2022

While financing may be pre-approved, the process is complex. If you put an offer on a property marked contingent, you could be the next buyer should the current contract fall through. You’ll want to make a backup offer to put yourself in the game. You can fail to get a response if the sale goes through.

Debt-to-income ratio 144

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

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 52

Purchase and sale agreement Inspection contingency Seller concession Backup offer 52

HomeLight

JUNE 9, 2023

For instance, though a lender-backed buyer will need an appraisal, a cash buyer may remove an appraisal contingency if they’re confident in the home’s value or simply because they want to secure their dream home when competing against other offers. If I accept an offer with contingencies, what happens to my listing status?

Home sale contingency 141

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 141

HomeLight

NOVEMBER 1, 2021

In a hot market, the seller’s agent may have backup offers and eager buyers waiting in the wings to snatch up the home. If the seller’s agent has other offers on the table, and the appraisal comes in low, the buyer will be motivated to come up with the difference rather than negotiate a lower price.

Purchase and sale agreement 94

Purchase and sale agreement Proof of funds Backup offer Finance 94