Hank Miller Team

OCTOBER 1, 2021

Should you consider a backup offer? Are backup offers good options for home buyers and sellers? In highly competitive housing markets with desperate buyers and multiple offers, it might seem pointless to write a backup offer, but why not? What is a Backup Offer?

Backup offer 52

Backup offer Due diligence Closing Loans 52

Realtor.com

JANUARY 12, 2021

You could, for example, insert terms in the purchase agreement that allow you, as the seller, to continue to accept offers and for the buyer to be allowed the option to match or exceed any higher offers. Buyers can also take backup offers (more on these options later). Can home sellers accept backup offers?

Backup offer 115

Backup offer Purchase and sale agreement Due diligence Inspection 115

Realty Biz

NOVEMBER 11, 2020

While it is rarer for a home sale to fall apart because of a buyer not getting financing, it is still something where due diligence is essential. In real estate jargon, this is referred to as a “backup offer.” At this point, a seller could move forward with accepting the backup offer.

Backup offer 111

Backup offer Sales Home sale contingency Earnest money deposit 111

RIS Media

APRIL 18, 2022

You may see some of these things or all of them before making an offer. It will help tailor your offer when the time comes. It may make sense to put in a backup offer when you’re not the winning bidder. Now that you are able to make an offer on the house, make sure you perform some due diligence.

Pre-approval 119

Pre-approval Backup offer Due diligence Rent back 119

HomeLight

JULY 23, 2021

If the first offer isn’t accepted — maybe the price is too low, or there are too many contingencies on the sale — the seller will surely want the opportunity for another offer to come in on their home. When [my team] lists properties, we actually encourage all of our clients to accept a backup offer,” says Cheperdak.

MLS 111

MLS Backup offer Agents Purchase and sale agreement 111

HomeLight

DECEMBER 31, 2020

However, a number of hiccups can prevent those contingencies from being lifted, including: Irresolvable issues that arise during due diligence. Line up backup offers to hedge your risk. Just make sure that backup offer is one you’re willing to accept — because that backup is a legally binding contract, too.

Closing 105

Closing Backup offer Sales Inspection 105

HomeLight

SEPTEMBER 16, 2022

For example, states such as North Carolina and Georgia have a due diligence period that works in a similar way. A higher fee and shorter time frame might make the buyer’s offer more attractive to the seller, and sellers may ask for better terms which could extend the negotiation period. When does an option period begin?

Option period 110

Option period Earnest money deposit Due diligence Inspection 110