Home Buyers - Should You Submit a Back Up Offer?

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Real Estate Agent with Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton Licensed in GA & AL

Home Buyers - Should You Submit a Back Up Offer?

In many areas, homes are going under contract within days of coming on market.  That means many home buyer wannabes are missing out on the home they fell in love with.   What to do,  what to do?

If you really like the home, write a back up offer!  Few buyers think of this, and few agents suggest it.

In the past, I never thought about writing back up offers.  It was easier to move on to the next house.  But now, in my area at least, homes are coming back on the market after being under contract at an alarming rate.  It seems that about 25 - 30 percent of homes under contract come back on market for some reason.

I have had several buyers benefit from being the second offer.  In fact, I have a buyer under contract today because the first offer backed out on Thursday.

There are many reasons a home can come back on the market.  Maybe something happens with the financing, or the inspection, or the appraisal.  Maybe the buyer just changes his or her mind.  What ever the reason, if the first contract falls through, don't you want to be the second contract in line?

 

If you need help writing an offer on a home in West GA or East AL, give me a call.  Karen Steed, Haralson Realty, 678-521-3585.

 

 

 

 

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Rainmaker
1,317,757
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Intersting - 25 - 30 percent of homes under contract come back on market --- I am going to have to check this out in my neck of the woods.

Feb 09, 2013 10:32 AM #1
Rainmaker
510,224
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Hi Karen,

I agree with Joan, a lot of homes find themselves back on the market, but if a great back up offer was in place the lucky buyer would just slide into place.

 

Feb 09, 2013 10:39 AM #2
Rainmaker
1,592,030
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Not all listing agents will accept back-up offers. In our MLS, the solicitation for back-up offers is clearly indicated under Realtor Remarks, further evidence of willingness to perhaps consider back-up offers is when the home is shown as 'Active with Contract' versus 'Pending'. Good reminder though that it never hurts to ask!

Feb 09, 2013 09:59 PM #3
Rainmaker
181,027
Karen Steed
Tallapoosa, Bremen, Waco, Buchanan, Temple, Carrollton - Tallapoosa, GA
Associate Broker Haralson Realty

Joan - I may be overstating the percentages, but in my limited service area it seems as if first offers are backing out or droppng off in a tremendous number.

Dan - It is excitingh for a 2nd place buyer to move into first place.  Of course, sometimes the "lucky" buyer questions the reasons for the "luck"

Norman - You are right.  Many times bank and government foreclosures do not accept back up offers.  The property just comes back on market.  I like to watch the hot sheet for back on market.

Feb 11, 2013 11:22 PM #4
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Rainmaker
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Karen Steed

Associate Broker Haralson Realty
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