First Team Real Estate

AUGUST 8, 2021

The only way around re-listing is to accept backup offers, so during the planning phase of your home sale, talk to your listing agent about the pros and cons of backup offers. What does it mean when it says accepting backup offers? What is a backup offer? Backup offers, however, can be tricky.

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Backup offer Earnest money deposit Purchase and sale agreement Inspection contingency 98

HomeLight

JUNE 29, 2022

As interest rates start increasing, as they are right now in 2022 , sellers may not have as many backup offers to consider as they would when rates were low. Price your house right to attract competitive offers. Require a sizable earnest money deposit. You’ll need to return the buyer’s earnest money deposit.

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Earnest money deposit Purchase and sale agreement Closing costs Closing 111

Realty Biz

NOVEMBER 11, 2020

They will also get their earnest money deposit back , and the home will go back on the market. In real estate jargon, this is referred to as a “backup offer.” ” In order for a backup offer to kick in, the first buyer would need to relinquish their right to purchase the home.

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Backup offer Sales Home sale contingency Earnest money deposit 111

HomeLight

SEPTEMBER 16, 2022

The home will revert to “option pending” on the market and sellers can only accept backup offers during this time. The earnest money and the option fee are credited to you at closing,” explains Bacak for buyers who move forward. How much is a typical option period fee? Is this refundable?

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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. Doing so could mean the forfeiture of their earnest money deposit. Lenders aren’t going to provide money for a property that the buyer’s offer has overvalued.

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

HomeLight

OCTOBER 20, 2020

If you’ve accepted an offer that is contingent on a home sale and you have added a kick-out clause, your home should be listed with a status such as “Contingent With Kickout. This tells other buyers that the home is still available for showings and backup offers. It’s not instant.

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Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 81

HomeLight

MARCH 20, 2023

A kick-out clause acts as a sort of compromise in light of an offer with a home sale contingency. They may be able to accept backup offers as well, depending on how the clause is written. Some ways to make your home sale contingency offer more attractive: Limit the home sale contingency time period. Money talks!

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