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4 Things Sellers Need to Know About Backup Offers

First Team Real Estate

Home sales are moving quickly today because of limited inventory, causing lucky home sellers to see an increase in multiple bids or bidding wars. of offers faced bidding wars. What does it mean when it says accepting backup offers? If your buyer ends up with significant issues, your entire sale doesn’t have to end.

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Can a Home Seller Under Contract Still Accept a Higher Offer?

Realtor.com

The buyers fell in love and made an offer, and you let out a great, big sigh of relief when the contract was signed. Then it happens—another offer comes in, and a better one at that. When is a sale a sale? It is absolutely critical that, as a seller, you understand the purchase agreement and any counteroffers you sign.

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What is a Contingent House Listing?

Point2Homes

But, what does contingent mean and how does it affect your purchase? A home listed as contingent means the seller has accepted an offer. However, before the sale can go to closing, certain contingencies must be met. However, even if the seller receives a higher offer, they cannot accept it. Contingent Statuses.

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Contingent vs. Under Contract: What Do These Terms Mean?

Marco Santarelli

When a buyer submits an offer to purchase a property, and the seller accepts that offer, the property is considered “under contract.” If you are a homebuyer, this is a great opportunity to view the property and make an offer. What Does “Under Contract” Mean?

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The Meaning of Active Under Contract Explained

Realty Biz

In some places, active under contract indicates that a contract has been signed but is contingent on certain conditions being met before the sale is finalized. 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.

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What Happens When a Buyer Backs Out of a Real Estate Transaction?

Windemere Selling

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?

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10 Things to Know About the ‘Sale Pending’ Phase, aka House Closing Limbo

HomeLight

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?

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