I'm a seller and now in escrow. My listing suddenly shows "contingent - back up offer" after I accepted a buyer's offer.
The buyer had a home inspection and appraisal. There's no major issue because entire house was remodeled. I invested over $60,000 for new kitchen, flooring, all new appliances,jacuzzi, new bathrooms, electric panel for safety ($3600 cost), air cleaner ...
The stove I have is 5 burners and 1 small burner is working on and off and toilet seat loose, one patio door screen missing.
I offered $500 credit to cover all minor issues..but since buyer has FHA loan, this process is way long and strict.
FHA hold contingency because of one burner is not working, exterior building tiny spot peeling paint.
With 2 things, the process gives a seller hard time.
My agent says if conventional loan, these can go easily.
I'm starting tired....buyer and lender want to work out and seller too. But lender wants to confirm a working burner and exterior fix by HOA. In this situation, my status is " contingent- back up offer.
Buyer, seller, lender still work out together but just in case, seller receives a backup offer.
PS Buyer requests 1.5% closing fee, taking $500 credit for minor repair and buyers seem happy.
But since FHA, lender wants everything perfect even one tiny burner. It can fix with credit seller offers after buyer moves in.