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Backup the Home with a New Offer

By
Real Estate Agent with Sutton Group-Capital Realty Ltd.

Have you ever wanted to buy a home only to find out that another person has an accepted offer in place?  In Newfoundland, this is often one of the dissappointing aspects of home buying that buyers face.  More often than not, there simply is not another house next door just like it for sale. Not two homes alike

It was only two weeks ago that we listed a lovely home at 16-18 Jones Place, Portugal Cove-St. Philips, Newfoundland.  We began to impliment our marketing plan and within a couple of days we were delighted to receive two offers on the property.  The vendors are pleased that interest was so high that they were able to get an acceptable offer quickly.

While these circumstances please the vendor, there are no doubt a few buyers who didn’t even get to see that the property was listed.  I received a call from one of those prospective buyers on Friday past who indicated that she has been trying to purchase a home in that area for quite some time.

While the home is not available for immediate purchase, I suggested to her that she go ahead and see the home anyway.  If she likes it, she should put in a “backup” offer.  This would ensure that she would become the person who purchase the home if the first deal falls apart within the next two weeks.

The benefit to that buyer is that she eliminates any more competition if the home come back to the market.  The benefit to the vendors is that if the first deal falls apart, they will have another one to fall back on right away.  The benefit for me the Realtor, is that it is always good to find solutions that are win-win for both parties whenever you can.

Consequently, on Monday I am taking the new prospective buyer in to see the home and help her determine if it is a home she would like to own.  If she does want the home, she will be able to make an offer subject to the first one becoming null and void.  There isn't any guarantee it will be back on the market but there is always that chance.

So, the take away for buyers is, that if a home has an accepted offer, and it is a property that you would like to own, go ahead and view it anyway.  Then put in an acceptable backup offer.  On many occasion I have seen that first deal fall apart and the second offer in line become the one that takes the prize.

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By R. Greg Osmond, MBA

About the Author: R. Greg Osmond, MBA is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 24 years Greg has been practicing in Real Estate. He is also president of Red Maple Development Inc., a firm focused on new home construction and existing home renovations, for Greg's clients and the market.  Greg can be reached at 709-682-9670.  Greg's Associate Realtor, Andrew Macdonald BBA, may be reached at 709-749-8879.

Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com. Thinking of selling your home? I have a passion for helping my clients with buying and selling real estate! If there is any way I can be of service to you today, please feel free to contact me!

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Comments (4)

Joel Weihe
Realty World Alliance - Wichita, KS
Helping you to use your VA home loan benefits

Funny you should mention....I just went throgh that today. They called me and said they wanted to buy that house on the cornor but someone else snatched it up while they were thinking about it. Your only option now....

Mar 03, 2013 09:10 AM
Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

Not going to say I haven't written back up offers but really not my choice.

Mar 03, 2013 09:16 AM
Merline D Pennant - New homes, Short Sales and Pre-foreclosures
Regal Realty of the Treasure Coast LLC - Port St Lucie, FL
New City, New Towns, New homes

Wow this is a good way you turned things around.  It also makes the buyers know they have to be decisive and quick about it too.  Procrastination days are over.  Good job.

Mar 03, 2013 09:18 AM
Mark Loewenberg
KW of the Palm Beaches - Palm Beach Gardens, FL
KW 561-214-0370

yes get those back ups in place.. in years of old deals made it the distance, in today's world a lot do not so it is great to be first in line!

Mar 03, 2013 09:24 AM