Buyers Who Hear Footsteps (i.e., Backup Offers)
“Offer accepted contingent on 3 weeks of due diligence by builder. Accepting back up offers now. All showings through listing agent.”
–Agent Remarks, MLS
Normally, “Contingent Upon: Other” on MLS means a property — typically a condo or townhome — is under contract, but that the Buyer is still reviewing association documents (financials, articles of incorporation, bylaws, etc.).
At least in Minnesota, Buyers have a
10 day statutory right of rescission while they do that.
Other Kinds of “Other”
In this case, though, “Other” means that the listing agent is continuing to market the property while the Buyer does their due diligence on the lot, and specifically, its suitability for new construction.
Smart listing agent.
That MLS status puts pressure on the Buyer to proceed with the deal, or, if they don’t, gives the Seller a head start finding someone else.
It also solves the problem of what to do with a Buyer who wants to buy, but wants longer than the usual 5-7 business days to complete their inspection.
