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Backup Offers

Notes from Rob:

Backup offers are happening much more often these days, especially with short sales.  Since I mainly represent buyers, the topic comes up regularly.  In some cases, I encourage them.  If it is a short sale, so many of the deals fall apart, if you really want a house, it is a way to be next in line if anything happens.  On a regular contract/sale, the odds are against things falling apart, but depending on how much someone wants the house, it is still worth the effort.

On one of my contracts last month, the seller was being very difficult.  She kept telling me how my buyers were getting the deal of the century and since it was put under contract, she had three other interested parties.  None put in a backup contract…one said, that would only make my clients (the ones with the executed contract) in a position to keep going, since others wanted the house.  I disagreed, to me, it meant the others were not serious about wanting to buy it.  The deal did go through and my clients are living in there dream house.

On the other side of the coin, I had some clients on Thursday that fell in love with a house.  By the time we submitted our offer, the sellers had already accepted a different offer.  My clients choose to submit the offer as a backup just in case.  The original buyers got cold feet the next day, the sellers quickly accepted our backup offer, and as of 4 pm today, my client has an executed contract on his dream house.

Every listing and sale is different, but backup contracts can work!

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