Here’s why you should consider making backup offers in this tough market.
If you’re looking for a home, you know that the market is very competitive for buyers. What can you do to land the home of your dreams? One option is to make backup offers.
In the last year, our team has had great experiences with buyers making backup offers and having them accepted. If there’s an accepted offer on a property you like, you should put in a backup offer as long as the current buyer hasn’t removed all of their contingencies.
A percentage of homes under contract will not close for a variety of reasons. In our current market, sellers sometimes accept sight-unseen offers from buyers, which can result in problems as the transaction progresses. There are also more buyers making extremely high offers only to regret it later when it’s time for appraisal or inspections.
“If there’s an accepted offer on a property you like, you should put in a backup offer.”
If you place a backup offer and the first deal falls through, the seller could call you next. In today’s market, smart strategies like this are essential!
If you have any questions about backup offers or other real estate topics, feel free to call or email us anytime! We are always here to help!