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. Buyers also can use the findings of an inspection to negotiate for repairs or credits. Why have a backup offer on hand? Quite simply, life happens.

MLS 105

MLS Backup offer Inspection contingency Purchase and sale agreement 105

RIS Media

APRIL 8, 2022

Real Estate appraisals are usually completed when homes are bought via mortgage loans. Home inspection problems. Home inspections are standard practice when buying a home and don’t usually stop a sale unless there is a severe underlying issue with the property. This is common when a seller doesn’t agree on the lower price.

Debt-to-income ratio 144

Debt-to-income ratio Title search Backup offer Home sale contingency 144

HomeLight

JUNE 9, 2023

These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home. As of 2023, 79% of contracts included an inspection contingency while 82% contained an appraisal contingency. If I accept an offer with contingencies, what happens to my listing status?

Home sale contingency 145

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 145

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. Most pending listings are off-limits for new offers, as the seller has already committed to a buyer.

Inspection contingency 94

Inspection contingency Backup offer Inspection Home sale contingency 94

RIS Media

APRIL 18, 2022

Buyers are waiving a home inspection. Buyers are waiving their home appraisal or offering an appraisal gap guarantee. Getting rid of the mortgage financing clause in their offer. You may see some of these things or all of them before making an offer. It will help tailor your offer when the time comes.

Pre-approval 119

Pre-approval Backup offer Due diligence Rent back 119

HomeLight

JANUARY 5, 2022

Typically, the seller’s agent stops accepting offers once the home is pending sale. However, it’s often a good idea to table backup offers, which may come into play if the sale falls through. Seller’s agents are obligated to present all offers to the seller, even after a contract has been signed,” says Garrett.

Purchase and sale agreement 111

Purchase and sale agreement Backup offer Inspection Agents 111

Realty Biz

JUNE 30, 2021

At the same time, these buyers will be forced to make fast decisions that can include everything from a slightly higher interest rate for a larger loan to competing in bidding wars when a desired house comes on the market. But you never know when your backup offer might be the one that goes to the closing table.

Backup offer 107

Backup offer Inspection Agents Closing 107

HomeLight

NOVEMBER 1, 2021

But if the home appraises low (below the purchase price), the buyer will have difficulty securing a loan for the property without bringing extra cash to the sale or renegotiating the price. This is the time when the inspection, any agreed upon repairs, and the appraisal take place. Why do appraisal gaps happen?

Purchase and sale agreement 111

Purchase and sale agreement Backup offer Proof of funds Finance 111

HomeLight

DECEMBER 30, 2021

After being under the microscope at open houses and inspection, you may wonder: What’s the point of this final examination? According to the National Association of Realtors® Research Group’s 2021 data , 64% of buyers have conventional loans, 16% have FHA loans and 14% received VA loans. You’re ready to move on.

Loans 119

Loans Agents Inspection Closing 119

HomeLight

MARCH 20, 2023

Other common contingency clauses include: Inspection Contingency: If the buyer finds fault with the home inspection report, they can ask for the seller to make repairs, or they can cancel the contract within the contingency period. A kick-out clause acts as a sort of compromise in light of an offer with a home sale contingency.

Home sale contingency 105

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

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Foreclosures , on the other hand, are homes that have been repossessed by the bank due to unpaid mortgage loans and are typically priced to sell quickly.

Debt-to-income ratio 31

Debt-to-income ratio Backup offer Finance Pre-approval 31

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. Make repairs that affect the buyer’s loan requirements. Repairs to a shed or other outbuilding.

Earnest money deposit 111

Earnest money deposit Purchase and sale agreement Closing costs Closing 111

HomeLight

OCTOBER 11, 2021

The homeowner could also have over-extended themselves with home equity loans or lines of credit, or the property might have some kind of financial lien placed against it, all of which can result in the owner being “underwater” on the home’s value vs. what is owed.

Short sale 101

Short sale Sales Banks Backup offer 101

Redfin

MARCH 5, 2025

Review your savings for your down payment , monthly income, and potential loan options to set a realistic price range. Foreclosures , on the other hand, are homes that have been repossessed by the bank due to unpaid mortgage loans and are typically priced to sell quickly.

Debt-to-income ratio 31

Debt-to-income ratio Backup offer Finance Pre-approval 31

HomeLight

DECEMBER 31, 2020

This route also eliminates the hassle of inspections, financing contingencies, repairs, and other challenges that can come with a traditional retail sale. You want to have a “backup offer” in case the regular listing process doesn’t work out. Shrauner often purchases homes for cash. Check the FHFA HPI calculator.

Backup offer 119

Backup offer Sales Agents Closing 119

HomeLight

OCTOBER 5, 2020

I basically explain, like the five parts on offer are price, earnest money, down payment, close date, and then there’s this miscellaneous bucket which includes a bunch of other things, you know, inspection period, appraisal contingency, repairs, personal property, rent back, etc. And, you know, but let’s be real, right?

Agents 97

Agents Backup offer Inspection Rent back 97

HomeLight

MARCH 15, 2021

I basically explain, like the five parts on offer are price, earnest money, down payment, close date, and then there’s this miscellaneous bucket which includes a bunch of other things, you know, inspection period, appraisal contingency, repairs, personal property, rent back, etc. And, you know, but let’s be real, right?

Agents 81

Agents Backup offer Inspection As-is 81