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 Title contingencies. A title is the legal right to own a property. Title contingencies cannot be waived. Common types of contingencies.
Realty Biz
NOVEMBER 11, 2020
One of the standard contingencies in nearly all real estate contracts is delivering a clear title. A few things that ensure this happening are a title search to ensure there are no liens or other title problems, putting a cloud on the title. In real estate jargon, this is referred to as a “backup offer.”
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RIS Media
APRIL 8, 2022
The title search reveals issues. Whenever you’re purchasing real estate, a title search is one of the standard boxes that must be checked. The title needs to be clean. If you put an offer on a property marked contingent, you could be the next buyer should the current contract fall through. It depends.
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. The current parties have satisfied all contingencies, so “there’s no sense in [the seller] taking a backup offer.” Why have a backup offer on hand?
HomeLight
DECEMBER 31, 2020
Title work reveals unresolved issues. 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. There’s title work, which takes anywhere from two to five weeks.
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. Making an Offer on a House Under Contract. There is always a chance that the deal may not proceed. Homes Come Back on The Market All The Time.
RIS Media
APRIL 18, 2022
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. Now that you are able to make an offer on the house, make sure you perform some due diligence.
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