Is it really worth the time to go into back up position?

 

Back up position is when you put an offer in on a home and there is already an offer accepted.  If the first offer does not go through then you would end up in first position.  The first offer most commonly falls through because the financing did not get approved which is usually found out in the first two or three weeks.  Secondly is the current Buyer backed out because of something with the home inspection they did not like which is usually found out within the first week.

 

 

 

The number one reason you would go into back up position is because you really want the house!  Most Buyers do not want to wait around for weeks to find out if the other offer is going through so they keep shopping.  I always tell my clients who are really interested in a property with an accepted offer is to put in a strong back up offer and at least wait for the home inspection to be completed which is usually only a week and less than two weeks.  

 

The reason why is because the Seller may like your offer better than the current offer they have already accepted.  Many home inspections reveal repairs or deficiencies that should be addressed which most Buyers ask the Sellers to fix.  If a Seller likes your offer better they may not agree to fixing anything on the property with the current Buyer hoping they withdraw their offer so they can accept yours.  

 

 

If something was found on the home inspection of the previous Buyer that would affect the structural integrity of the home or affect the value of the home then the Seller must document it on the property disclosures.  The property disclosures are forms for the Seller to complete about the known condition of the property which are provided to Buyers who have their offer accepted by the Seller.  So in the event something really bad was in the prior home inspection you would find out about it from the property disclosures.  

 

Many times a Buyer may want items fixed that are so mediocre only a home inspector would find them and they ask the Seller to repair them.  I see it happen all the time where a Buyer will walk away from a house purely out of the principal of the fact that a Seller will not complete a minor repair.  In other words, if the current Buyer backs out there is a good possibility you may not be walking into a big problem, it may just be the personal preferences of the Buyer before you that were not met.  

 

These articles my provide more information to help you in your home search.  

5 things you need to know about home inspections before buying a home
Always use a local Realtor and Lender
Why your offer wasn't accepted

 

Feel free to contact me with any questions.

 

Victor Runkle

Real Estate Managing Broker

(360) 904-2164