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What does backup mean on real estate listing?

What Is A Backup Offer? In home buying, a backup offer is made in acknowledgment of an existing offer and ensures a contract with the seller if that first offer falls through. Its a legally binding contract that, if accepted by the seller, will put you next in line to purchase the home should the first buyer back out.

How do you use an MLS portal?

0:03 3:20 Using the Client Portal (For Clients/Consumers) - YouTube YouTube Start of suggested clip End of suggested clip From the portal you can view listings I shared with you the most recent listings will display first.MoreFrom the portal you can view listings I shared with you the most recent listings will display first. You can change the order by sorting or choosing a different display. Type.

What is a local MLS?

Local MLS databases are made up of real estate brokers who operate in the area. Real estate firms will list for-sale properties they represent on the local MLS, where buyers agents can find them. The MLS isnt publicly available; if you want to access the MLS in your area, youll need to have a real estate license.

Will housing prices go down in Utah?

How much will Utah home prices drop? Eskic has a more bearish outlook. Hes predicting Utah home prices will drop 9% year over year in 2023.

Are houses in Utah expensive?

Housing prices in Utah are so far above historic trend lines, that three cities are currently among the 10 most overpriced markets in the country. Thats based on a new analysis from Florida Atlantic University.

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People also ask

Why do realtors take backup offers?

A backup offer puts you in line to make a home purchase if the first buyer backs out for common reasons, including property financing or home inspections. Backup offers can help avoid bidding wars. Having a backup offer in place can also help home buyers and sellers get an offer locked in even if the market changes.

What does backup mean on Utah real estate?

Backup The seller has accepted an offer on the listing, but the seller requests that the property remain on-market to solicit additional, back-up offers. This is an on-market status and DOM will accumulate. Under Contract The listing is under contract with an accepted offer.

How do I access the MLS in Utah?

3 Ways to Access an MLS Database in Utah Hire a Utah-based Real Estate Agent. One of the best and easiest ways to acquire access to active Utah MLS listings is by means of cooperation. Find an Open MLS Database. Another good way to view active MLS catalogs is by using a public MLS database. Find MLS Listings on Mashvisor.

How do I list on MLS without a realtor Utah?

There is no way to list on the MLS without using an agent. But you dont have to pay thousands in commissions to get listed on the MLS. You can just opt for a Flat Fee MLS listing service. With a Flat Fee MLS listing, you pay a small fee instead of a full listing agent commission.

Do backup offers ever get accepted?

Depending on the state you reside in, a backup offer could become a legally binding contract. If the primary offer with the first buyer doesnt happen, your agreement takes effect. You immediately go into purchasing the home for a price agreed upon in the backup offer.

Related links

Wasatch Front Regional MLS Listing Input Form - PSCdocs

(WFRMLS) maintains a multiple listing service database for bro- kers and agents, and others (the MLS Database), and a database of listings which is

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SALT LAKE BOARD OF REALTORS

Jan 30, 2006 Number of Brokers and Agents and Residential Sales in. Salt Lake County. (Source: Salt Lake Board of Realtors and WFRMLS).

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FAQs

How do I access the MLS in Utah? ›

Multiple Listing Service (MLS) is a local database that UT real estate agents use to list properties for sale. However, only licensed brokers have access to the MLS. To get maximum exposure for your home, it should be listed on one of the 4+ MLSs in Utah.

How to be a real estate agent in Utah? ›

To earn your real estate license in Utah, you must:
  1. Be at least 18 years old.
  2. Complete the 120-hour licensing courses and exams.
  3. Pass the Utah sales agent licensing exams.
  4. Complete fingerprinting and background check.
  5. Apply for your license with the Utah Division of Real Estate (UTDRE)

What does MLS stand for in real estate? ›

MLS is an acronym for multiple listing service, a platform in which the real estate industry in a certain region compiles all the listings available for sale in that area.

What does active TC mean? ›

Active T/C – The listing is under contract with an accepted offer, but a “Time Clause” addendum is in place and the buyer and seller agree that the property is to remain on-market so that additional offers may be solicited. This is an on-market status and DOM will accumulate.

How do I access local MLS listings? ›

Your best option is working with a local real estate agent. Your agent will send you instant MLS alerts and let you browse listings through a private client portal.

What is MLS ID? ›

What is an MLS ID? As a member of an MLS, you are issued an ID that may be referred to as an MLS ID, Agent ID, or Public ID. This is commonly the identifier you use as the “username” or “login” for your MLS system and may include letters, numbers, or a combination of both.

How much does a realtor make in Utah? ›

Real Estate Agent Salaries in Utah

The estimated total pay for a Real Estate Agent is $216,653 per year in the Utah area, with an average salary of $133,657 per year.

What disqualifies you from being a real estate agent Utah? ›

Have a high school diploma or equivalent. No record of a felony within the last five (5) years. No misdemeanors involving fraud, misrepresentation, theft, or dishonesty within the last three (3) years. Must meet the statutory licensing qualifications of honesty, integrity, truthfulness, reputation, and competency.

How much does it cost to become a realtor in Utah? ›

Sample Utah Real Estate License Costs
Prelicensing classes (120 hours)$399-$955
Exam registration$59
Fingerprinting$12
License application$157
Total Cost$627-$1,183

Is the MLS the same as Zillow? ›

Is Zillow an MLS? Zillow is not an MLS. While many consumers believe that Zillow is the same as an MLS, many real estate agents consider Zillow less effective compared to using multiple listing services for selling or buying properties.

What database do realtors use? ›

MLSs are private databases that are created, maintained and paid for by real estate professionals to help their clients buy and sell property. In most cases, access to information from MLS listings is provided to the public free-of-charge by participating brokers.

What is a dual agent? ›

A dual agent is an individual who acts as both the buyer's and seller's agent in a transaction. It is easy to confuse dual agents with designated agents. But unlike a dual agent, designated agents are two separate individuals representing the buyer or the seller.

What does active C mean in real estate? ›

In simple terms, it means “depending on certain circ*mstances.” When a property is listed as 'active contingent', it means the seller has accepted an offer on the home but the contingencies – such as an inspection or financing – have not yet been met.

What is a time clause in real estate? ›

A time clause or a “48 hour” clause, as a lot of us refer to it as, is used when an offer is conditional, and the seller would like to continue to offer their home for sale while the buyer is working on fulfilling those conditions.

What does contingent mean in real estate? ›

What Does Contingent Mean? As a general term, contingent means “upon certain conditions being met.” In the context of real estate, it means that the buyer and seller have agreed to the terms of a purchase and sale agreement, but only if certain conditions are met.

How do I get MLS on my website? ›

Scroll to Websites + Marketing and select Manage next to your site to open your site. Select Edit Website or Edit Site to open your website builder. Go to the page and location you want to add the real estate listings, and add a section. Search for the MLS/IDX Real Estate Listings section and select Add.

Does Park City have its own MLS? ›

ALL the NEW LISTINGS loaded to the Park City MLS in the last week (last 7 days). These are the newest properties to come to the market, and you can view them before most other buyers are even aware they are for sale.

Can I sell my house without a realtor in Utah? ›

In my experience, many sellers are successful in provide adequate internet exposure for their property without hiring an agent, or by paying a small flat fee to have their house listing included on their local multiple listing service (MLS).

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