thinking of putting in a backup offer?

sovraFebruary 3, 2010

Is it worth even thinking of putting in a backup offer on a property that went under contract? I saw a house that I really liked at an open house, but it went under contract very quickly-- the same day that I went to see it again with my agent. (My agent is kind of annoyed that the other agent didn't let her know that there was another offer already in the works at that point.)

My agent hasn't talked to me about possibly putting in a backup offer, but I'm not really loving the other listings that I'm seeing. I don't have to move for several months, so I can always wait for other listings to come on the market... but I think the less-appealing listings that are available right now are making it hard to stop thinking about the one I liked so much. But is a backup offer even worth the effort?

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I think that if you really like the property that it is worth the effort to put in a back up offer. Deals are falling apart in this economy as lenders tighten up credit and appraisers tighten up on appraisals. My SIL is a mortgage broker and he says the number of deals that don't close for either financing or appraisal reasons is huge right now. Very discouraging for him as a mortgage broker. So if you have all your ducks in a row, you may be in a better position to close then the current buyer, you just don't know. Worth a shot, I think.

    Bookmark   February 3, 2010 at 12:57PM
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Nothing ventured nothing gained. I'd say do it. I know several folks who have gotten their homes that way.

    Bookmark   February 3, 2010 at 3:24PM
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If you have a back-up contract & the primary contract fails, the seller has to sell you the house.

If you don't have a back-up contract & the primary contract fails, you might not find out about it until someone else puts a contract on the house.

    Bookmark   February 3, 2010 at 4:13PM
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If you make a back up offer, and the primary buyer waves an inspection contingency in front of the seller, they just may tell that buyer to kiss off. Without a back up offer, they may cave, and you will then have zero chance at the house.

In other words, what are you waiting for.

    Bookmark   February 3, 2010 at 7:00PM
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We were the backup offer on our house and we got it. First buyer was a first time homeowner and the inspection scared her off. Since the seller knew they had a backup they had no problem moving on to us.

    Bookmark   February 3, 2010 at 8:18PM
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