Backup offer Due diligence Earnest money deposit 
Realty Biz
NOVEMBER 11, 2020
They will also get their earnest money deposit back , and the home will go back on the market. While it is rarer for a home sale to fall apart because of a buyer not getting financing, it is still something where due diligence is essential. In real estate jargon, this is referred to as a “backup offer.”
HomeLight
SEPTEMBER 16, 2022
For example, states such as North Carolina and Georgia have a due diligence period that works in a similar way. A higher fee and shorter time frame might make the buyer’s offer more attractive to the seller, and sellers may ask for better terms which could extend the negotiation period. When does an option period begin?
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