Should You Write a "Back Up" Offer?

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Real Estate

Should You Write A "Back-Up" Offer?

 

1. In this extremely competitive market, it may be wise to consider writing a back up offer. If the 1st deal falls through due to financing or inspection issues—this puts you next in line to purchase the home.

2. What is a Back Up Offer? A back-up offer is a fully executed contract to purchase the home. Both buyer and seller are able to pursue other options. If the buyer waits without seeking an alternative property, the back-up offer should be written to allow for the possibility that they find an alternative home in the meantime. The seller, on the other hand, must make clear they are currently obligated to another buyer and will consider the back-up offer only if the current one cancels.

3. Back-up offers can be a great tool both for the buyer and the seller.  This gives the buyer an advantage in a seller’s market to increase the opportunity to secure an offer on a home that fell out of contract, and the seller will feel more confident negotiating the sale of their home when they have a back up offer in place. 

 

For more information on back up offers, please call/text or email me...I am happy to help guide you through the process.