What does under contract backups mean?
What does under contract backups mean?
When the seller signs the backup contract, it means that if Buyer 1 should cancel their contract for any reason, Buyer 2 is automatically under contract to buy the home. This would to entice the seller to sign a backup offer instead of putting the home back on the market if the first sale failed.
What does take backups mean?
home is under contract
What’s the difference between a house being under offer and sold STC?
Under offers is a term used by estate agents and means that an offer has been put to the seller and accepted, but will normally be below the asking price. Sold Subject to Contract (STC) is really the same thing an offer has been accepted by the seller, but the paperwork has not yet completed.
Can you ask an estate agent about other offers?
Estate Agents can’t legally tell you how much the other offers were for, but they will usually indicate if they were close to the asking price, which can help to inform your own decision.”
Why do estate agents have a bad reputation?
Estate agents should be professional salespeople who serve a valuable and useful function to the public. They work long hours in an extremely fast-paced, stress-filled and pressured environment, and even when they do an excellent job, they tend to have more disappointed customers than most industries.
How many houses do you view before buying?
“View at least two or three homes, preferably with the same agent, on the same day. This allows you to compare and rank properties in terms of ticking the boxes and value. Don’t view more than five or six in a day. You will get exhausted and will not make rational decisions after too many viewings,” he advises.
How do you know when it’s the right house to buy?
How Do You Know When You’ve Found The Right House?
- You don’t want to mess around on a decision as big as the place you’re going to call home.
- Figure Out Your Priorities.
- Narrow Your Search to True Contenders.
- Consider Old vs.
- Be Realistic.
- Make Sure It Checks Off Some Essential Boxes.
- Consider Your Homeowners Association.
- Take Your Time (But Not Too Much Time)
What do I do first if I want to buy a house?
10 Steps to Buying a Home
- Step 1: Start Your Research Early.
- Step 2: Determine How Much House You Can Afford.
- Step 3: Get Prequalified and Preapproved for credit for Your Mortgage.
- Step 4: Find the Right Real Estate Agent.
- Step 5: Shop for Your Home and Make an Offer.
- Step 6: Get a Home Inspection.