Realty Biz

NOVEMBER 11, 2020

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.

Backup offer 111

Backup offer Home sale contingency Sales Earnest money deposit 111

HomeLight

JANUARY 13, 2022

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 You’ll likely need this type of contingency even if you’ve been preapproved for a mortgage as that process does not guarantee that you’ll get a loan.

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

Realty Biz

SEPTEMBER 14, 2021

The seller has agreed to accept a contingent offer from the purchaser. During this time, the seller can still accept backup offers from other interested parties. FINANCING: Allowing the purchaser to secure their mortgage before the home sale closes. Making an Offer on a House Under Contract.

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Backup offer Purchase and sale agreement Inspection Sales 126

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

RIS Media

APRIL 8, 2022

Real Estate appraisals are usually completed when homes are bought via mortgage loans. Some contingent offers are subject to a home buyer being able to sell their current home to be able to finance the new one. Most homebuyers can’t afford to carry two mortgages simultaneously. Low appraisal. The title search reveals issues.

Debt-to-income ratio 144

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

HomeLight

DECEMBER 31, 2020

Line up backup offers to hedge your risk. This creates the perfect opportunity for sellers to line up a backup offer from another buyer that only comes into effect if the original pending sale falls through. A great agent will also help you hold buyers accountable to their contract deadlines to keep escrow on track.

Closing 105

Closing Backup offer Sales Inspection 105

HomeLight

JULY 23, 2021

If the first offer isn’t accepted — maybe the price is too low, or there are too many contingencies on the sale — the seller will surely want the opportunity for another offer to come in on their home. When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

MLS 111

MLS Backup offer Agents Purchase and sale agreement 111

RIS Media

APRIL 18, 2022

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. It may make sense to put in a backup offer when you’re not the winning bidder. Get pre-approved for a mortgage.

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Pre-approval Backup offer Due diligence Rent back 119

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. Mortgage companies require an appraisal to determine the value of a home. This works in the seller’s interest.

Purchase and sale agreement 111

Purchase and sale agreement Backup offer Proof of funds Finance 111

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

HomeLight

OCTOBER 20, 2020

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 backup offers.

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Backup offer Purchase and sale agreement Earnest money deposit Home sale contingency 81

HomeLight

JUNE 9, 2023

A property listed as “contingent” in real estate means the seller has accepted an offer, but the deal isn’t fully closed yet. These conditions can be anything from the buyer securing a mortgage, the home inspection clearing, or the sale of the buyer’s current home.

Home sale contingency 145

Home sale contingency Inspection contingency Purchase and sale agreement Inspection 145

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. However, there can be exceptions.

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Inspection contingency Backup offer Inspection Home sale contingency 94

Redfin

MARCH 5, 2025

Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. A mortgage pre-approval can give you a clearer picture of your financial standing and help you secure a deal faster. The 28/36 rule is a common mortgage budgeting guideline.

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

RIS Media

MAY 19, 2021

The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made. Financing or Mortgage Contingencies. The majority of homebuyers use a mortgage to finance their purchases. Buyers need to keep track of their mortgage contingency to make sure it doesn’t lapse.

Purchase and sale agreement 98

Purchase and sale agreement Earnest money deposit Inspection contingency Home sale contingency 98

First Team Real Estate

NOVEMBER 9, 2020

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. And further, is committed to following through on their promises. It’s not uncommon for pending real estate deals to fall out of escrow.

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Agents Purchase and sale agreement Backup offer MLS 93

Real Trends

JANUARY 25, 2023

Now, any lender or agent has the ability to supercharge virtually any conventional or jumbo mortgage with a no-interest equity advance loan from Knock to receive the benefits of the Knock Home Swap,” says the statement. Homeowners can pair the product with a purchase mortgage from any lender to make an offer before buying a new house.

Finance 57

Finance Backup offer Agents Equity 57

Redfin

MARCH 5, 2025

Maintaining a low debt-to-income ratio and a strong credit score can also enhance your eligibility for favorable mortgage terms. A mortgage pre-approval can give you a clearer picture of your financial standing and help you secure a deal faster. The 28/36 rule is a common mortgage budgeting guideline.

Debt-to-income ratio 31

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

HomeLight

MARCH 20, 2023

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?

Home sale contingency 105

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

Toronto Realty Blog

NOVEMBER 3, 2021

Then I got this call… She struggled to get her words out, but eventually was able to explain that her husband had just lost his job, and they would no longer be able to obtain a mortgage. I told her that before we had any further discussions, I wanted her to speak to my mortgage broker to see about her options. She agreed.

Purchase and sale agreement 119

Purchase and sale agreement Closing Backup offer Agents 119

HomeLight

DECEMBER 31, 2020

Some home value estimates cost money to obtain, so they’re better saved for when you’re looking to sell or refinance your mortgage. You want to have a “backup offer” in case the regular listing process doesn’t work out. There have been multiple sales of comparable properties in the area. Do your own comps analysis.

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Backup offer Sales Agents Closing 119

HomeLight

OCTOBER 11, 2021

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.

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Short sale Sales Banks Backup offer 101

First Team Real Estate

DECEMBER 14, 2020

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, backup offers, repairs, and more. Their Strategy. Zillow charges 2.5% MORE than family-owned brokerages like ours!

Brokerage 105

Brokerage Backup offer Staging MLS 105

First Team Real Estate

DECEMBER 7, 2020

Having several offers on your home is fantastic, however, how do you guarantee you pick the very best deal and don’t miss out on an even better one? Usually, the purchasers need you to pay the mortgage throughout this time.

Purchase and sale agreement 98

Purchase and sale agreement Pre-approval Title Backup offer 98

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. Lowball offers that are well under asking price. No mortgage pre-approval. Too many contingencies.

Earnest money deposit 111

Earnest money deposit Purchase and sale agreement Closing costs Closing 111

HomeLight

DECEMBER 30, 2021

After you accept an offer, the buyer’s mortgage lender typically contacts a third-party appraisal management company (AMC ). This protects the lender in case the buyer later defaults on their mortgage and the lender has to foreclose on the property. And, it pays to be flexible. Without a list, the appraiser might not notice.”.

Loans 119

Loans Agents Inspection Closing 119

Windemere Buying

JUNE 22, 2022

It means the seller has accepted an offer and there’s a good chance the deal will go through, but because the sale is not yet final, the property is technically not off the table. Other interested buyers will make backup offers in case the first offer falls through.

Purchase and sale agreement 52

Purchase and sale agreement Inspection contingency Backup offer Seller concession 52

First Team Real Estate

DECEMBER 13, 2020

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, backup offers, repairs, and more. Their Strategy. Zillow charges 2.5% MORE than family-owned brokerages like ours!

Brokerage 40

Brokerage Backup offer Staging MLS 40

Real Trends

MARCH 8, 2023

If your sellers have a backup offer, evaluate all the facts before you switch to accepting that deal. If there is no backup offer, request a 2-week extension so you have time to resolve the issues. The seller could also provide a second mortgage to create funds. Get to work to solve the problem.

Debt-to-income ratio 99

Debt-to-income ratio Finance Backup offer Agents 99