What is a back up contract? Simply put, it is being the next person inline to buy a house that is currently under contract should the first contract not go through. That can happen for a number of reasons, including but not limited to the outcome of an inspection, or that the buyers did not qualify.
If you are in a back up position, you have to wait until the first contract is cancelled and that both the seller and the buyer have released each other of any obligations.
As of Friday 7-29-2016, there were 5 properties in Miami Springs that were classified in the MLS as willing to consider back up offers.
As with everything, there are pros and cons to these situations.
Buyers, now is the time to buy. Interest rates are GREAT NOW but THEY WILL GO UP!
Sellers if you are thinking about selling, Do it NOW! The market is full of Buyers.
The Miami Springs Real Estate market continues to be full of activity. During the period of Friday July 22, 2016 through July 29, 2016, there were 7 new listings, 0 closed sales, 0 pending sale and 1 expired listing.
The table below gives you a current status of the Miami Springs real estate market as of Friday July 29, 2016.
| Average Price/List/Sold/Pending Sale | Average Sq Ft | Average Price Per Sq Ft | ||
| Active | 53 | $517,598 | 2,247 | $230.35 |
| Closed Sales | 20 | $356,952 | 1,576 | $226.47 |
| Pending Sales | 29 | $393,807 | 1,948 | $202.16 |
HOW DOES YOUR HOUSE COMPARE??
A complete list of all the properties for sale in Miami Springs or any other area of Miami Dade County can be sent to you on regular basis, call me or text me at 305 726 8416 . I'd like to hear from you.
For more information on the Miami Springs Real Estate Market and other important information please visit our website at leonardrealestategroup.com
Beautiful Miami Springs. Tree City USA. Our secret paradise in Miami Dade County!
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