Back up offers

Wish I had one, don't think many homes have the opportunity for backup offers unless they are as special as that one.  Just keep thinking positive thoughts!

Bridget, we are seeing a lot of this in Northern Virginia area. I have personally written a backup and received back ups on my listing. You may want to touch base with the listing agent frequently to see if there is anything you can do to be the contract rather than a back up. In one instance the first offer buyers where bit unsure about the financing and our contract became a primary contract. However bank took ages to get the name changed on the contract. My buyers stick thru the deal and we are closing.

I have never really had someone write a back up offer and I write a lot of offers...sorry.

I can't recall a buyer of mine ever getting a backup offer but once when the market was hot I had a seller that moved to a backup offer.

Back up offers are almost a way of life here in AZ. We've seen a huge influx of investors come in to buy up the ridiculously low priced properties out here. 35k and 125k. Mostly going for REO units but some short sales. We are now seeing as many as 13 or more offers on property. I heard a # that scares me, but I think it might be true. 95% of the SS are falling out for one reason or another. That means that the 2nd & 3rd offers that were back ups, are falling in and if patient enough, get the property. Same goes for the reo's, as some can't qualify, and some change their mind, and NOW , appraisers are held hostage by the banks, and are coming in way under contract price and killing deals. So, back up offers are a must. I currently have 2 different listings that have at least 3 back ups per listing and might take more. There is always a chance your clients can move up.  Good advice from your other comment, call the lister and see if you can move into 1st position.

Good luck

Randy Cole

Keller Williams Integrit First, Mesa AZ

I once had a backup offer where the buyer wanted the property so much, they offered 10% more than the listing price.  We said to go ahead and tell the buyer of the offer if you want.  Well, the primary buyer liked that offer so much, they simply assigned the contract to my buyer for a fee, and everyone was happy.