Have You Considered Submitting A Backup Offer?

Reblogger Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900
Real Estate Agent with Get Results Team...Just Call (408) 252-8900! CalBRE# 00901962 Lic.1985
http://activerain.com/droplet/4YQg

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

Why do I do that?

Experience shows, in one three year period, I was personally involved in eight transactions (some as buyer, some as seller), where the backup buyer got the house.

It still takes some time, but you can end up being a hero to both the buyers and sellers.

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!!

**************************************

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

                                                                                                                                                                                                                                  

Streetsville Real Estate

streetsville sign

Are you relocating or moving to Streetsville, Mississauga or the Greater Toronto Area and need a real estate agent? 

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

I have been uniting families and homes for more than 29 years.. Experience has GREAT rewards!

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.gloriavalvasori.com              

      Premier Service Diamond Elite  Linked In  

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,479,993
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker and Attorney Licensed in DC, MD, VA,

this is excellent advice for everyone to follow - you never know when a transaction will fall apart so it is good to have a back up offer in hand. 

Jan 15, 2017 08:05 PM #1
Ambassador
4,008,553
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Indeed a great re-blog Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900.

Jan 15, 2017 08:24 PM #2
Rainmaker
526,300
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

This is a good share. You never know when something will go wrong with a sale and the backup offer is accepted.

Jan 16, 2017 08:11 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
1,768,726

Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900

Family Helping Families Buy & Sell Homes 40+ Years
Subscribe,Sell,Search San Jose Homes for Sale Cupertino Schools
*
*
*
*
Spam prevention

Additional Information