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Buying Your Home and BackUp Offers

News | 5th Apr 2013

Backup Offers on Your Home As a potential home buyer, you may have started to wonder how and when you are going to find your home… your perfect home.

The home that calls your name and makes you feel like you could never leave. The home that you see in your dreams.

Or perhaps you’ve adjusted your mindset and determined that you don’t need “everything” on your want/need list for your new home. Maybe you’ve even gotten to the point where you are just grateful to have at least found a home that is for sale.

In areas with tight inventory, you may be having a hard time finding your home and, as such, you may be considering writing a backup offer for the home(s) you are considering.

A backup offer is an agreement you make with the home seller after they have accepted another offer by a different buyer. A backup offer places you second in line for the property.

If the first offer contains any contingencies requiring sale or appraisal of another home or financing or even an inspection, and they are not met, then you are the next in line and under contract to purchase the home. The offer applies unless or until you find another home that you want to place an offer on. In that case you would need to withdraw your backup offer.

In this day and age, with inventory at all time lows, finding a home, your home, can be difficult. Choosing to submit a backup offer is not easy, either, but could be worth it.  Contact us to see how we can help you “win” the home of your dreams.

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