An accepted offer indicates progress in purchasing a home, but does not ensure the sale's completion. The buyer must complete mortgage requirements, inspections, and appraisals; any issues can lead to deal collapse. Sellers often mark listings as 'accepting backup offers' during this period as additional protection. Backup offers serve as a safety net for sellers, facilitating quick transitions to new buyers if the initial sale does not proceed. In competitive housing markets, buyers are sometimes encouraged to submit backup offers to secure properties they desire, ensuring they remain in the running.
An accepted offer doesn’t guarantee the sale will close. Buyers must still secure mortgages, complete inspections, and finalize appraisals, opening the possibility for the deal to fall through.
Many MLS listings remain marked as 'accepting backup offers' even after an offer is accepted, allowing sellers to entertain alternatives until contingencies are resolved.
From a seller's perspective, a backup offer offers insurance. It becomes active if the original deal fails, letting sellers quickly move on without re-listing.
In competitive markets, agents may encourage buyers to submit backup offers to ensure they do not miss out on a desired property.
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