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.”
Real Trends
MARCH 8, 2023
If your sellers have a backup offer, evaluate all the facts before you switch to accepting that deal. If there is no backup offer, request a 2-week extension so you have time to resolve the issues. If the buyer still wants to buy and the seller wants to sell, you still have a deal. Get to work to solve the problem.
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RIS Media
APRIL 8, 2022
The title search reveals issues. Whenever you’re purchasing real estate, a title search is one of the standard boxes that must be checked. The title needs to be clean. If you put an offer on a property marked contingent, you could be the next buyer should the current contract fall through. It depends.
HomeLight
DECEMBER 31, 2020
Title work reveals unresolved issues. Line up backup offers to hedge your risk. This creates the perfect opportunity for sellers to line up a backup offer from another buyer that only comes into effect if the original pending sale falls through. There’s title work, which takes anywhere from two to five weeks.
Realty Biz
SEPTEMBER 14, 2021
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. There is always a chance that the deal may not proceed. Homes Come Back on The Market All The Time.
RIS Media
APRIL 18, 2022
You may see some of these things or all of them before making an offer. It will help tailor your offer when the time comes. It may make sense to put in a backup offer when you’re not the winning bidder. Now that you are able to make an offer on the house, make sure you perform some due diligence.
RIS Media
MAY 19, 2021
The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. If the appraisal comes in lower than the amount the buyer has offered, it could stop the purchase in its tracks—problems like this account for nearly 20% of delayed contracts. Title Contingencies.
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