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That’s why it’s important for your real estate agent to keep your property’s status up to date, both in the multiple listing service (MLS) that agents cooperatively use, as well as in online marketplaces, which pull data from the MLS. An offer has been accepted, and the sale is expected to close. Why have a backupoffer on hand?
One term you’ll likely hear often during the homebuying process is “MLS,” which stands for multiple listing service. The MLS is a real estate database of all the homes in your area that are currently for sale, pending sale, or have recently been sold, and so much more. Will a house with an offer on it be removed from the MLS?
A home listed as contingent means the seller has accepted an offer. These clauses are defined in the sales contract and often have to do with home inspections, mortgage approvals and appraisals. A backupoffer is not uncommon in real estate sales. Contingent Statuses. No Showings.
The Mortgage Financing Contingency. Even if the buyer has pre-approval for a mortgage, things can still go wrong when they apply for the loan. Issues like these could lead to a buyer not getting the mortgage they expect. The document provided to the buyer at closing is what’s referred to as a mortgage plot plan.
In other locations, the sale may be referred to as being contingent in the multiple listing service (MLS). The seller has agreed to accept a contingent offer from the purchaser. During this time, the seller can still accept backupoffers from other interested parties. Making an Offer on a House Under Contract.
” 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.” Financing or Mortgage Contingencies. What Other MLS Statuses Are There?
The first is the active period, when your home is listed as available for sale in your local MLS. Sale pending is the status in between active and sold, which indicates that you’ve accepted an offer and are in the process of selling, but that the sale is not yet completed. Line up backupoffers to hedge your risk.
One of the biggest risks associated with this type of offer is when there are two or three home purchases that are all contingent on the sale of another property. An ideal situation would be to receive an offer without a home sale contingency. This tells other buyers that the home is still available for showings and backupoffers.
With mortgage rates remaining at historic lows, it’s actually more affordable to purchase a home today than it was last year, even though home prices are continuing to rise. Proactively look for inventory before it appears in the MLS or Zillow. And further, is committed to following through on their promises.
pulls data directly from the MLS, providing an up to the minute look at our niche Southern California markets. Everyone thinks about the price, but when it comes down to the nitty-gritty, your agent will be going to bat for you on a timeline, inspections, home warranty, closing costs, backupoffers, repairs, and more.
After all, few people can afford to hold two mortgages. Financing Contingency: If the buyer’s mortgage proceedings fall through, they can walk away from the home. With] your house under contract, we know what your buying power is, and [we can make] a much stronger offer.” Will a seller accept my home sale contingency offer?
In a standard home sale , buyers make an offer on the property, and the sellers can either accept it or make a counter-offer. The seller has enough equity in the home to cover the existing mortgage, and their lender isn’t involved in the sale, aside from providing loan payoff amounts at closing.
The deposit went into our brokerage trust account, the property was updated as ‘sold’ on MLS, and the ‘SOLD’ sign went up on the lawn. I told her that before we had any further discussions, I wanted her to speak to my mortgage broker to see about her options. Case closed, right? Not exactly. She agreed.
pulls data directly from the MLS, providing an up to the minute look at our niche Southern California markets. Everyone thinks about the price, but when it comes down to the nitty-gritty, your agent will be going to bat for you on a timeline, inspections, home warranty, closing costs, backupoffers, repairs, and more.
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