![]() ![]() If your offer is accepted as a backup, you’re in line to go under contract if the first sale falls through. Even though a sale is highly likely, some pending properties may still accept backups. The status will show as pending until the closing. This means the seller has an accepted offer and an executed contract, and all the contingencies have been met, so the home is pending sale. This is the escrow period, when both buyer and seller are working toward a closing. Examples of contingencies are home inspections, attorney review, the buyer’s financing, appraisal, and title search, among other reasons. But the sale is subject to, or conditioned upon, certain criteria being met by the buyer and/or seller before the deal can close. ContingentĪ contingent status means that the seller has accepted an offer and the home is under contract. That doesn’t mean that it’s a done deal by any means, however (more on that next). ![]() The seller has an agreed-upon contract with the potential buyer. While any seller can entertain backup offers as a precautionary measure as long as this is made clear in the contract, this term most often crops up with short sales, since they can often fall through, and it can be helpful if a second buyer is waiting in the wings. This means that even though there’s an accepted offer on the home, the seller is looking for backup offers in case the primary buyer falls through. The property is sold and no longer available. It may have received offers, but none have yet been accepted, which means that the opportunity is wide open for you to make a proposal. This means that a property is currently on the market and available for sale. ![]()
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