backup listing: What Does It Mean When A Property Shows Its Status As Backup? - 02/11/11 03:28 PM
Backup status confuses most home buyers and many untrained agents.
The status of "Backup" was created as a way to let the public know that while the home is still under contract by another buyer, they have reason to believe that the current escrow may fall through for any number of reasons.  This allows a backup offer to be submitted subject to the current escrow being cancelled.  The backup buyer is kind of like a relief pitcher in baseball, there just to take over in the case the starting pitcher (original buyer) can't complete the game as planned.
While the paragraph … (4 comments)

 
Cameron Novak, Real Estate Broker since 2008 (The Homefinding Center)

Cameron Novak

Real Estate Broker since 2008

1000 Palms, CA

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The Homefinding Center

Address: Corona, Riverside, Chino Hills, Mira Loma, Yorba Linda, Lake Elsinore, Wildomar, Diamond Bar, Eastvale, Southern California, Ca

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