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.

Backup offer 111

Backup offer Sales Home sale contingency Earnest money deposit 111

RIS Media

MAY 19, 2021

” There are other statuses in the MLS listings like “Pending,” “Contingent,” “Coming Soon” and “Expired.” Two important statuses in the MLS are “Contingent” and “Pending.” Doing so could mean the forfeiture of their earnest money deposit.

Purchase and sale agreement 98

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.

Backup offer 81

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. The house stays on the market and it’s marked in the MLS as an active first right. Offer a larger earnest money deposit.

Home sale contingency 105

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