Have You Considered Submitting A Backup Offer?

By
Real Estate Sales Representative with BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE

How often have we shown a property to a potential buyer only to learn later that it has just been sold conditionally. Your buyers are devastated because they LOVE this house! 

It could also happen when selling commercial property, or if you have a buyer interested in buying a business that is not listed.

I have been in this situation numerous times when my buyers have been devastated when the home they MUST HAVE has been sold. This can occur frequently, especially in a busy market.  I'm not sure this strategy of submitting a backup offer will work work in this crazy time in real estate, but several years ago it was something to consider.

But as we realtors all know, a conditional offer can fall apart.  If my client really LOVES the home, I sometimes suggest they consider submitting a “backup offer.” This “backup offer” would contain the normal conditions, such as financing and inspection, but it would also include another condition, “Conditional upon the existing accepted offer becoming null and void, and the mutual release being signed by all parties involved."  The “backup” offer would then take precedence.  The other Buyer agent would usually not have any knowledge of this (unless the listing agent revealed this to them) in the event the original buyer required an extension to satisfy their conditions.

I had this happen when I had a buyer looking to buy a Second Cup coffee shop, but there were none for sale at the time.  I got the yellow pages out and called each and every Second Cup within a 20 mile radius and found one where the owner wanted to sell.  Of course he didn’t  believe me as he presumed I was just another agent making cold calls, who didn’t really have a buyer.

I found his home address and went and knocked on his door.  Needless to say he was surprised to see me.  He informed me he had just received an offer for his coffee shop from another agent.  I asked him to please NOT touch it or sign it back, as I would also be coming with an offer the next day as my clients were away and arriving home the next day.

The next evening I showed up at his door with a signed offer.  Well, guess what?  He had signed the offer back to the Buyer, which was ultimately accepted! I asked him why he did that and he told me outright that he didn’t believe me!!!

I recognized that Offers for businesses were much more detailed than in a residential offer, and there were many clauses in the offer that could be difficult to meet.  I suggested that my buyers submit a BACKUP OFFER conditional upon the first offer, which had been accepted, falling apart and after that both parties had signed a mutual release.

The first offer died a few weeks later… and my offer took precedence!  My clients met all the conditions in the offer within the time frame and became owners of their coffee shop!

Needless to say my clients were very happy…… and I felt very good about getting the job done for them!  Never rule out the possibility of a backup offer… they can work!!

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I live and work in STREETSVILLE and have a vested interest in property values here. Are you considering buying or selling or know anyone who is? Give me a call to see how my marketing plan get can our home sold! (416) 717-6331.

When you choose me to handle your real estate needs, you are choosing a real estate professional who cares about you and your family, and who will listen to your needs, work together with you, and protecting your interests to achieve your objectives.

streetsvillerealestateagent.com          gvalvasori@gmail.com

Your STREETSVILLE Real Estate Agent

Experience, Service and Integrity in Every Real Estate Transaction

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Mississauga and Streetsville Real Estate


When you choose me to handle your real estate needs, you choose a real estate professional who cares about you and your family, who listens to your needs and who will put your interests first and foremost. I will work together with you, protecting your interests, to achieve your objectives.

I have been uniting families and homes for more than 31 years.. Let me put my 31+ years of knowledge and experience to work for you when selling or buying your next home.

 

Proud recipient of the Platinum award for outstanding serivce with a rating of 100% voted by my clients!!

A great experience starts with a great agent !

Helping You Make The Right Move since 1987. 

Call me at (905) 896-4622 or direct at (416) 717-6331

 www.mississaugarealestateonline.com    gvalvasori@gmail.com            

              

 

No part of this publication, may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, or electronic methods, without the prior written permission of the publisher.  Copyright © 2018  Gloria Valvasori, all rights reserved.

 

Topic:
Real Estate General Information
Location:
Ontario Peel District Mississauga Streetsville
Tags:
mississauga real estate agent
streetsville real estate agent
gloria valvasori streetsville real estate agent buyers in streetsville homes for sale in streetsville neighbourhood values

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I have done this many times and even accepted some at tiems

Jan 15, 2017 07:00 PM #1
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Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
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Family Helping Families Buy & Sell Homes 40+ Years

I often suggest home buyers consider submitting a “backup offer”.

Jan 15, 2017 07:51 PM #2
Rainmaker
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Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Backup offers work! I can recall years ago, the offer that was in 4th position on a very hot property, was ultimately the offer that ended up with the purchase. It is so worthwhile to take the time and get the backup offer submitted.  Or if a seller, accept the backup offer; the offer in primary may die.

Jan 16, 2017 03:57 PM #3
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Gloria Valvasori, Accredited Senior Agent

REAL Experience | REAL Commitment | REAL Results!
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