HomeLight

NOVEMBER 8, 2024

Most pending listings are off-limits for new offers, as the seller has already committed to a buyer. If you’re particularly interested in a pending property, you can ask your agent to monitor its status or even submit a backup offer. Bank denies short sale offer: In a short sale , the bank must approve the sale terms.

Inspection contingency 91

Inspection contingency Backup offer Inspection Home sale contingency 91

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

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. So what are the contract stipulations that put a listing into that “Contingent” stage, and how common is it for a property to hang in closing limbo?

MLS 105

MLS Backup offer Inspection contingency Purchase and sale agreement 105

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

Backup offer 97

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