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. The Mortgage Financing Contingency. Maybe they have an unsubstantiated cash deposit ? In real estate jargon, this is referred to as a “backup offer.” These appraisal tips will help.

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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 buyer would still receive back the earnest money deposit (EMD) placed down at signing, usually between 1% and 3% of the sale price. How much is a typical option period fee? Is this refundable?

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Option period Earnest money deposit Due diligence Inspection 110

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. Financing or Mortgage Contingencies. The majority of homebuyers use a mortgage to finance their purchases. Financing problems delay closing in around a third of all real estate transactions.

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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

Financing Contingency: If the buyer’s mortgage proceedings fall through, they can walk away from the home. 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. Offer over asking price.

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Home sale contingency Purchase and sale agreement Sales Earnest money deposit 105