Backup offers are a hugely underestimated resource in the real estate landscape, and today I’d like to share why I believe more agents and buyers should use them.
Search All Homes on the MLS Here
Contact Me to Receive a FREE Home Value Report
Many agents and buyers believe backup offers only serve to solidify the seller’s first choice. However, the truth is that 25% of all offers fall out of escrow because of a problem with the loan contingency. The reality is that backup offers can be greatly effective. Not only can you put backup offers on an unlimited number of properties, but these kinds of offers can also put pressure on the buyers behind a listing’s primary offer in the event that they aren’t truly qualified.
Better still, backup offers are risk-free. If your offer is ultimately accepted, you can still back out if you’re dissatisfied with the results of an inspection. If more buyers and their agents understood how beneficial this kind offer can be, then more people would probably use it.
As always, we are here to answer any questions you may have about buying or selling real estate. Don’t hesitate to give us a call or send an email our way!
Stay up to date on the latest real estate trends.
Quick Take: The 2023 housing market is poised to be more balanced between buyers and sellers than it has been over the past three years.
As the cost of renting skyrockets an average of 13% YOY, the time to buy is now. Research consistently shows that homeownership is an important way to build wealth. A … Read more
Quick Take: Fewer homes are coming to market, and demand for homes has cooled as interest rates jump to a 15-year high, indicating a short-term equilibrium after two y… Read more
Don’t let sensationalized news headlines about foreclosures scare you. Ready for a quick real estate update? I want to talk about some recent headlines you may have … Read more
Is your curb address legible? If an emergency vehicle (or DoorDash) can’t find your home, it can cause unnecessary delays. The importance of having your address on… Read more
You’ve got questions and we can’t wait to answer them.