Backup Offers Can Win
The market is on fire right now. This home went under contract within a day and had 3 backup offers on it. As it so happens, this home did go to the 3rd backup offer! It’s never a bad thing to be a backup offer. My clients have been backup offers and won! Many things can cause an accepted offer to fall through such as financing not being fully secured, unfortunate events, and unfavorable inspections. When I have clients that are in love with a property and were not an accepted offer; I encourage them to submit a backup offer and wait.
Definition: 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. It’s 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.