HomeLight

NOVEMBER 8, 2024

A home is marked as pending once an offer is accepted and both parties have agreed to the sale’s terms. This can mean that the buyer’s financing is approved, the inspection contingency is met, or any appraisal concerns are resolved. If everything goes smoothly, the sale could close faster.

Inspection contingency 91

Inspection contingency Backup offer Inspection Home sale contingency 91

HomeLight

JULY 6, 2023

In the meantime, with a “Contingent” status, the seller is typically allowed to continue showing the home and accept backup offers in the event something goes awry. Financing contingency Sometimes called a mortgage contingency , this specifies that the deal hinges on the buyer securing their loan. Quite simply, life happens.

MLS 105

MLS Backup offer Inspection contingency Purchase and sale agreement 105

Point2Homes

DECEMBER 8, 2020

As the buyer works to meet these contingencies, other potential purchasers can view the property and make offers — but the offers will be put into what is called “backup status.” A backup offer is not uncommon in real estate sales. Short Sale. No Showings.

Purchase and sale agreement 145

Purchase and sale agreement Backup offer Home sale contingency Short sale 145

HomeLight

JANUARY 13, 2022

Common contingencies include issues with appraisals, home inspections, or the buyer’s home sale. In other words, the primary deal on an active contingent listing might (maybe) fall through, causing sellers to place their home back on the market — or accept a backup offer. “I Financing contingencies.

Backup offer 97

Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 97

HomeLight

NOVEMBER 1, 2021

It’s likely that you will sell your home to a buyer who will finance the purchase with a mortgage. According to the National Association of Realtors (NAR), 87% of home buyers finance property purchases with a mortgage. You priced your home based on recent home sale(s) for which the buyer(s) paid well over appraised value.

Purchase and sale agreement 111

Purchase and sale agreement Proof of funds Backup offer Finance 111

HomeLight

DECEMBER 30, 2021

Pre-listing appraisal: In the San Francisco Bay area, pre-sale appraisals and inspections are common. Because they know what appraisers are looking for, home inspectors or even experienced agents can flag issues that impact an appraisal and make sure the property is finance-able,” Helali says. Source: (Markus Spiske / Unsplash).

Loans 119

Loans Agents Inspection Closing 119