What does it mean when a house is pending bring backup?

What does it mean when a house is pending bring backup?

Pending taking backups – This means that an offer is pending, but the seller accepts backup offers if the deal falls through. In a pending short sale, the seller has accepted an offer and is waiting to be approved by the lender.

What’s the difference between pending and accepting backup offers?

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. If your offer is accepted as a backup, you’re in line to go under contract if the first sale falls through.

What does active backup mean on MLS?

Terms such as “pending” or “contingent,” commonly seen in online listings, may be familiar, but what about “active with backup offers”? It’s a scenario in which all parties allow the seller to continue advertising and entertaining additional offers, in case the first accepted offer falls through.

What does it mean when a real estate listing says accepting backup offers?

What Is A Backup Offer? In home buying, a backup offer is made in acknowledgment of an existing offer and ensures a contract with the seller if that first offer falls through. It’s a legally binding contract that, if accepted by the seller, will put you next in line to purchase the home should the first buyer back out.

Does pending mean sold?

The Bottom Line: A Pending Home Sale Doesn’t Mean The Home Is Off The Market. When a home is pending, it means that the seller has accepted an offer from a buyer. “Pending” doesn’t mean the same thing as “sold,” so there’s still a chance that you can swoop in and take the home.

Can you outbid a pending offer?

Do not try to outbid the current pending sale; as stated above, this is a no-win situation. Simply bid what you would have bid on the property anyway considering the home value, the location, and the botional tie that you may have to the house.

Can a seller accept multiple backup offers?

The seller can accept multiple backup offers, in which case they are ranked: backup offer No. 1, backup offer No. 2, and so forth. It’s rare in the current market for there to be more than one backup offer.

Can a house go back on the market after pending?

1 The pending sale will go back to active if the loan is rejected due to a buyer’s impulse financing. It’s also possible that buyers might not have knowledge of liens or judgments filed against them. This can also affect their creditworthiness so the loan the buyer thought he had in place can ultimately be denied.

Can you still look at a house if it is pending?

Can An Agent Still Show A Home If It’s Pending? Until all the paperwork closes, a pending home is technically still on the market. Many real estate agents will still allow you to see a home, even if it has a pending offer, but this depends largely on the wishes of the seller.