Back up offers in Real Estate - we've blogged about this topic before - we encourage them as
In this Market anything can happen, so we encourage the Sellers of our Listed properties in NW Indiana to keep showing their property to prospective buyers even after they have accepted an offer to purchase.
Just this week we Closed a Real Estate Transaction on a home for sale in NW Indiana that was the 2nd in line or back-up offer !
It's like an Insurance Policy to fall back on in case "something" unexpected happens along the 30 to 60 day road between what looks like a great offer "on paper" and the actual written words from the lender/underwriter stating something similar to "we are clear to close this transaction, all conditions have been met - please forward wiring instructions."
So when one of our listings gets an accepted offer we flag it in our MLS as PS which means : This is an active status. The Seller could accept back-up offers. PS-There is an accepted Purchase Agreement, yet the sellers wish the property to stay on the market.
A property is SOLD when the deed transfers hands by signatures at the closing table AFTER funding is verified and then is recorded into county records. So there is no SOLD signs ever on our listings :) It would not be an accurate representation to the public in our opinion.
Until this time we encourage all our sellers to Please Show!