What does backup mean on MLS?

Backup offer means that the home is now in escrow, and an offer has been accepted but the seller and the listing agent are open to a backup offer. If the first offer on the home falls through your offer may be considered by the listing agent and the seller.

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.

Can you put an offer on a house that is pending?

Can you put an offer on a house that is pending? In most cases, the answer is no. * Typically when a buyer submits an offer letter to buy the home, there is a clause that says the homeowner can’t cancel the sale if another offer comes in – even if it’s a better one.

What does it mean when a realtor is accepting backups?

active with backup offers
According to Clara Nicolosi, a broker and owner at Re/Max of Hot Springs Village, AK, “active with backup offers” is also known as “taking 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 accepting backups mean?

A Call for Backup. A seller can accept backup offers in any market, but the tactic of placing an offer on a home that’s already under contract is more common when housing inventory is low. A seller may accept backup offers so if the current buyer walks there is another purchaser ready to close the deal.

What is under contract backup?

UCB is short for “Under Contract – Backups” and means that the property in question has an accepted contract on it, but that the sellers have requested in writing that the home will continue to be marketed in hopes of getting backup offers.

What does backup offer mean in real estate?

backup offer. Definition. An offer to buy or lease real estate that becomes effective if a prior contract falls through. For example, a buyer may make a backup offer on a property already under contract to another party in the hopes that the other party will be unable to purchase the property.

What is a backup offer?

A backup offer is a secondary offer on a home that is already in contract. If the primary contract collapses, the backup offer contract becomes active without the home going back on the market. Traditionally, the backup offer also includes a deposit of earnest money, or a good faith deposit.