Glad to hear you don't hesitate to write them Margaret - some buyers agents do? and we agree that at least 50% (or more) become the primary offer that closes these days, esp. with more stringent lending guidelines, it's good to have them in place!

thanks for sharing your take on this topic

sincerely,

grace

Hi Chris - here in NW IN we've never had more than one back up offer in place at a time (yet :) a list of more than one would be nice ! thanks for taking time to share your experiences.

sincerely,

grace

we have that active contingent flag as well Vickie -

however, PS is very different,

buyers have no home to sell.

- the sellers still can keep property active for showings for a back up offer to the 1st accepted offer in case the 1st offer does not close according to contract.

sincerely,

grace

Wow Erica, we have many different MLS statuses for properties on the market here in NW IN i.e. contingent on inspection (SI) contingent on sale (CS), contingent on close (CC)and PS as described in post - that is in addition to pending (P)and active and closed.

do you have a backup offer addendum if they want to write on it and be assured of the next spot should the 1st offer fall?

real estate specifics vary state to state :)

thanks for sharing your example

sincerely,

grace

agreed Cheryl

thanks for your helpful tip.

sincerely,

grace

We have a great back up offer addendum that gets it in writing Leslie, as you pointed out there are many links in the chain of events that lead to a successful close that are beyond the REALTORS control :)

thanks for sharing your input

sincerely,

grace

Yes,Tammie, we agree- we've only been using backup offers the last 2 years - before that things were more of a slam dunk lol

thanks for taking time to comment

sincerely,

grace

Hi Vicki - you are correct it is up to the sellers to decide - and many buyers do shy away from taking the chance on back up - but this one didn't and it did work out well for our sellers to not skip a beat and proceed to close with very little delay.

Hello Christine - you are right - no one wants any deal to fall - but that is not always the case nowadays.

Hi Barbara, your comment is so true and i was laughing when I read it as I've never heard "wanting the house rebuilt after the inspection" lol

Hi Missy - this was not a short sale transaction, but you are correct, unless buyers are counseled in advance about the longer response times in short sales, they tend to have less patience.

Congrats Catherine! A backup with a contingency - wow!

LOL Lori i I have a story to share that your comment reminds me of. Every week we drive by a home on the way to church on Sunday and i cannot tell you how many times in the past 4 months I've seen a sale pending go up and then come down and then a SOLD rider go up and then come down - now there is a rider that says REDUCED lol.

appreciates everyone time and input

sincerely,

grace

Smart move Bill - we'd do the same if we are #2 spot :)

Hi Christopher - you can say that again - I'm sure we each have a story that could go into a book about deals gone south ( no pun intended on the "south" - Texas is on my list of places to visit someday :)

I like your MLS flag better Kevin - PS is not as clear as yours Acive with contract!

Active B  is also clearer flag on the MLS than ours Heather - many times we have to explain to agents scheduling appointments that the 1st offer cannot be bumped - and that a backup addendum must be used.

4 MLS systems Erica ?! wow, our one MLS covers 5 counties!

We confirm that with the buyers agent Bill so all parties are clear it's a showing for a backup offer only,

Wow Monique - never had it written in the offer -probably because our MLS rules for PS is so clear and as long as the seller agrees to continue to accommodate more showings we will keep working to get a back up in place if possible,

Hi Howard & Susan great points, however ,i would venture to say the BUYERS in our example may disagree with you, as they now have a home sweet home:)

appreciate everyone's take on this subject - it's been a learning experience!

sincerely,

grace

You are right Iris - and it doesn't have to be a short sale to take a backup offer either :)

sincerely,

grace

Not all agents show them here either Bill - nor do they explain the status to their buyers, however we have found if a person really wants a home they will place a backup offer and so far 3 times in the last year the back up buyers became the homeowners !!!

thanks for stopping by,

sincerely,

grace

wow Charles -  you may want to re-examime those rules that were written in times past where deals just about closed themselves LOL  .....in today's lending environment where anything can happen up and lending rules/conditions change daily making a sure thing not so sure anymore.

sincerely,

grace

Great news Robert - we have another one going as well!

Sincerely,

Grace