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If another buyer wants to show interest in a house when the listing is already under contract, they have the option to submit a "backup offer," in case that first transaction were to fall apart for any given reason.


The backup offer must still go through the same steps & negotiations as any offer but there can only be ONE backup offer at a time!




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This is the investment a homeowner has on their home. All you have to do to calculate equity is to take the market value of the home and subtract any mortgages or liens against the property. Any amount that is leftover is the amount of equity you have in the home.



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A Multiple Listing Service is a database that any real estate agent or broker members have access to view or add information about properties for sale in any given area. When a real estate agent lists a home for sale, it is then logged into the local MLS so that any buyer's agents can view it.




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