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Buyer Advice: You Can Still Make A Backup Offer

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Real Estate Agent with 101 Main St. Realty 518539

 

Buyer Advice: You Can Still Make A Backup Offer

 

69 Murphy Farm Road Wants a Backup Offer!

 

I am sure that it does NOT come as a surprise to you that this gorgeous home located at 69 Murphy Farm Road is pending. 

 

If it does surprise you --> it shouldn't.

 

I had an agent call me to tell me that they had told their buyers that they needed to make it a priority to see this one before someone else snatched it up. Unfortunately, more times than not, people just think we are being pushy. NOT! We have the data at our fingertips. It is not hard to figure out average days on market for properties.  AND MOST IMPORTANT -- if you love it, what on earth makes you think you are the only one?! (Just sayin'!)

 

So, buyers -- if you misssed out, you can still make a backup offer!

 

Things happen! Besides having the financing fall though, here are a few things that have happened over the years:

  • Job transfer to a different location.
  • Buyer passed away a week before closing.
  • Wife walked in to a closing and told her husband that he "would not buy that house."  And he didn't. OH MY!

 

You never know what will happen. Homes are not "SOLD" until everyone has signed and the money has changed hands.

 

If something does happen, and you have an executed backup contract, it cannot be sold to someone else -- EVEN if they offer more than you! --> But they can make a backup offer. ☺

 

If you missed out on this great property, call and schedule your private tour TODAY! Because you can still make a backup offer on 69 Murphy Farm Road!

 

Buyer Advice: You Can Still Make A Backup Offer

 

 

 

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Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Bob "RealMan" Timm Rarely do I see one of those actually work in our market. However, I just had one close this month that was contingent upon another house selling. The only reason it worked is because the buyer already had a contract on their house when they made the offer on my seller's house. So it happened quickly (before someone else could snatch it up!) :)

Jun 30, 2015 11:36 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good evening Joni,

Great advice..if you love a property why hesitate..it's bound to mean someone else does too! Placing a backup ensures you are in first position if something goes south on the primary offer.

Jun 30, 2015 12:07 PM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Joni

Your advice is right on point for a buyer to make a back up offer.

Good luck and success.

Lou Ludwig

Jun 30, 2015 01:11 PM
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Joni - I have seen several instances where the original offer fell through and the buyer with the backup offer ended up with the home.

Jun 30, 2015 03:01 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC • Short Sale • Probate

I always suggest to write a backup offer, but majority of buyers don't like this idea, unless it is a short sale.

Jun 30, 2015 03:47 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Joni I always tell my buyers nothing ventured nothing gained, either we help the first one to stay in the deal or if they fall out it is ours...I had a few deal where we were the back up and ended up closing the deal...Endre

Jun 30, 2015 04:27 PM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Oh so much can go wrong along the road to the clsoing table so yes if the buyers want that house, make a back up offer and you may get a chance. We have all seen it happen.

Jun 30, 2015 11:07 PM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Richfuscious say...Early bird catches worm, but back-up bird eats less

Jun 30, 2015 11:40 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Dorie Dillard  EXACTLY!

Lou Ludwig  Thank you!!

Troy Erickson Me too. EVEN on cash offers. The buyer on the one I spoke of in the post whose wife told him not to buy lost 10,000 in earnest money. YES, you read that right!

Jul 01, 2015 01:00 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Inna Ivchenko You're right! And sometimes it isn't even the buyer that is hesitant. Many agents do not know how to write a backup offer that is in the best interest of their buyer so THEY discourage them. Oh my!!

Endre Barath, Jr.  Sometimes an inspection will cause a buyer to back out. Then the one with the backup offer is FINE with "no GF plug in the garage bathroom."  They realize it can be fixed! HA!

Jul 01, 2015 01:05 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Debbie Reynolds Yes we have!!

Richie Alan Naggar author of books on Life-Love-Intimacy-Purpose HA! Joni say -- you funny!

Jul 01, 2015 01:07 AM
Patricia Kennedy
RLAH@properties - Washington, DC
Home in the Capital

Joni, I think that when buyers put in a backup offer it's really great for the sellers, but I've almost never seen one become the primary.  When the original buyers know that somebody else wants the place badly enough to put it a back up, there is no way they are going to kick out.  And you're right - every once in a while something will happen.  You just never know.

Jul 01, 2015 01:35 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information for prospective home buyers.

Make this a very productive week and enjoy the holiday weekend!

Jul 01, 2015 02:11 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Retired Central CT Real Estate Broker

Many back-up offers have a slim possibility of succeeding, but they have no hope if they are not even in the game

Jul 01, 2015 03:11 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Joni Staples Excellent advice! It doesn't hurt to put in a back up offer.

Jul 01, 2015 03:37 AM
Martin E. Kalisker, Esq.
Natick, MA
Real Estate Law From A Practical Perspective

In MA, a seller is not obligated to obtain back up offers and the listing agent is not required to market a listed property under the REALTOR COE once an offer has been accepted, unless requested to do so by the seller.  I've seen situations where the seller wishes they had taken back up offers and others where the buyer's wish they hadn't.  Unless they are carefully written (by an attorney) - these can become binding contracts if the other deal falls through.  Your buyer client may not be able renegotiate terms or price because of any defects found by a previous buyer or lender.. or worse yet, the buyer decides they no longer want the house!!! Caveat Emptor.  And have plenty of E&O coverage if you recommend to your client to make a back up and it becomes binding and if it (unfortunately) goes bad!

Jul 03, 2015 12:22 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Patricia Kennedy  That is true. But buyers cannot control death in the family, a transfer of a job, etc. We cannot predict the future. I always say that if it is meant to be, it will happen. As you know, a back-up does not hurt the buyer. In Texas, it is the same contract that is normally used with the addition of a back up addendum that covers the issues that Martin Kalisker  has problems with in HIS state. ☺

Jul 03, 2015 02:02 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Roy Kelley  Thank you!!

Ed Silva  and Michael Setunsky  Exactly! 

 

 

Jul 03, 2015 02:05 AM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Martin Kalisker In Texas there is an option period. The back up offer's execution date changes to the date they are notified of the termination of the orignal offer. Then THEIR option period begins if they had one in their offer. In Texas the seller is required to attach any written inspection so they must disclose what was found. :)

Jul 03, 2015 02:35 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

this is actually really good advice to give someone in a spring market - deals do fall out

Feb 13, 2019 05:16 PM
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