In the Real Estate market, one common question that home buyers ask is what does the term backup offer mean?
Sometimes it can be confusing when searching the Multiple Listing Service because there are a wide variety of terms to understand but your home search doesn’t have to be frustrating if you know common MLS terms.
The term backup offer means that the listing agent and the seller have currently received an offer on the home and the home is now in escrow but, they are open to accepting a backup offer just in case the current offer falls through.
One of the easiest Real Estate terms on the multiple listing service, the term active listing means that the home is still currently available for purchase and both the listing agent and the seller are open to receiving offers, plus the home will stay active until the home receives an offer.
Pending sale means that the home you are looking at is currently in escrow and both the listing agent and seller are no longer open to receiving backup offers.
One of the great things about searching the multiple listing service is that you can search the MLS based on search terms like backup offer or active listing f you’re looking for homes that match your specific criteria or, you can always contact us and we can help you find for your Real Estate needs.
For more answers common real estate questions, or to view the latest bend Oregon homes for sale, contact me today by calling 541-383-1426.