If you are actively searching for a home on the mls you may come across a status that states “back up” offers. This status is referring to a home with an accepted offer to purchase and indicates an active escrow. However, since our current contracts allow 17 days in which to look over all disclosures, obtain loan approval, etc. and to then sign off all contingencies the seller will often be looking for back up offers. This allows for an offer to be submitted and possibly accepted under the condition that it is in back up status and will only be considered upon the cancellation of the current escrow.
Homes are selling very quickly right now so best to check the status for “active” to be sure you have a good chance of purchasing the home or you could be wasting valuable time waiting only to find out the escrow will not cancel. Not to discourage anyone from putting in back up offers because sometimes escrows fail for one reason or another but best not to count on it too heavily. If you are interested in finding a home you might want to register your search for the email update program. This will notify you by email if a new listing comes on the market that matches your search and give you the best odds of submitting your offer quickly.