Selling your home? Get a home valuation. | Buying a home? Search the local MLS.
I never thought I would be talking about this subject, but here we are. After some recent changes in the market, I want to talk a little about backup offers.
A backup offer is when a property that you were interested in goes under contract, but you submit a “backup offer” anyway. This puts you in second position, behind the person whose offer was accepted. If the initial buyer backs out for any reason, your offer becomes first position and you get the home.
"Backup offers are more viable than they have been in the past."
In the past, this strategy was essentially a waste of time. There have been two recent changes in the market, however, that have brought back the need for backup offers.
One reason is the ridiculous amount of inventory for sale. Buyers have also become pickier because of this. Many times, buyers are making offers on homes they don’t really love just so they have the option of choosing it later down the line.
If your agent doesn’t understand the place that backup offers have in our market, they probably don’t understand the market very well.
If you have any questions for us about backup offers or anything else relating to real estate, give me a call or send me an email. I would love to hear from you.
