Backup offers are a longshot, but they have been working slightly more often lately. The advantage is that puts you in a second position to get the house if the first contract falls through, and it locks in the price that you offered.
You can continue shopping, and you may even end up with the beautiful home that you wanted and thought you lost. We are happy to help you in your home hunting process! For a confidential meeting, reach out to Hope and Kim Peele at Kim is a second-generation Realtor and fourth-generation Washingtonian and is dedicated to helping owners through the challenges of selling their home.
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After sailing through perilous economic waters, the Tall Ship Providence just shored up weekly tours until next spring. The nonprofit is still tabulating the numbers, but expects that since launching…. On Tuesday night, City Council approved the formation of three advisory…. Newsletter Search. Question : What exactly does a backup offer mean, and do they even work?
How does a backup offer work? View Comments. Recent Stories News. The nonprofit is still tabulating the numbers, but expects that since launching… Click to share on Facebook Opens in new window Click to share on Twitter Opens in new window. More Stories. Poll: Have you gotten the infamous mite bite in Alexandria? Amy DuVall quit her career as an environmental lawyer in D. If you can make a better offer than the first buyer, you can effectively jump in front of them in line.
This is a situational strategy, though, so talk to your agent to see whether it's an option for you. Quicken Loans. Consumer Financial Protection Bureau. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights.
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Brown is a financial consultant, Certified Financial Education Instructor, and researcher who has assisted thousands of clients over a more than two-decade career. Learn about our Financial Review Board. Key Takeaways A backup offer acknowledges the existence of the first offer and says that if the first buyer cancels, you are automatically in contract with the seller.
Sellers can sign more than one backup offer, as long as they make the situation clear to everyone involved. Remember, you can accept several backup offers while you are under contract just in case your primary buyer falls through. Yes, backup offers are required to make an earnest money deposit. However, assuming your initial offer goes there are no issues securing the mortgage loan or other objections, any backup offers will receive their earnest money back.
Contact a First Team agent in your area to help you deal with all the important details of selling your home, such as explaining more about ways that you can leverage backup offers. Our trained and experienced agents can help home sellers solve problems before they even begin. Home Search. Agents Offices. What does it mean when it says accepting backup offers?
What is a backup offer? A backup offer is as legally binding as a primary purchase agreement. Be straightforward with anyone in a backup position.
Accept more than one backup offer. They can be used as a tactic to encourage hesitant home buyers. Will backup offers have to submit earnest money? Share Post:. Share on facebook.
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