Special offer

Have You Considered Submitting A Backup Offer?

Reblogger
Real Estate Agent with Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty DRE# 00901962 Lic.1985

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!!

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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.

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Aloha & God Bless You, 

Michelle Carr Crowe Just Call 408-252-8900 sign image

 

Michelle Cherie Carr Crowe Real Estate Team

Real Estate Agent . Author . Coach

DRE #00901962 . Licensed to Sell since 1985

P: Just Call ... 408-252-8900
F: 408-947-1585
E: GetResultsTeam@gmail.com

Altas Realty . DRE#01526983

1190 S. Bascom, #118, San Jose, CA 95128

www.MichelleJudyCarr.com

Michelle Cherie Carr Crowe and her "Get Results Team" (established by the late legendary Silicon Valley super agent Judy Carr) are known as the "Lynbrook and Cupertino Schools Experts." Coaching clients to success is Michelle's passion, making her and her team creative catalysts for positive change in people's lives. She is a Silicon Valley-based multi-million dollar real estate consultant, author, coach and trainer who works by referral only.

Her designations have included: Accredited Buyers Representative (ABR), Accredited Consultant of Real Estate (ACRE), Accredited Luxury Home Specialist (ALHS)Accredited Staging Professional (ASP)Certified Distressed Property Expert (CDPE),  Property Marketing Expert (PME), Real Estate CyberSpace Specialist (RECS), and Senior Real Estate Specialist (SRES).

Michelle is an internationally-published freelance writer with over 1,200 traditional articles published in print and online, co-author of two books on Silicon Valley-specific real estate as well as over 68,000 blog posts on Blogger, ActiveRain, Examiner, FaceBook, Realtor, Trulia, RealBird and others. She enjoys reading, traveling, animals, nature, family, dancing, staging, consulting, coaching and praying. Check out her blog at www.activerain.com/results or visit her online at www.michellejudycarr.com. For RE$ult$ ... Just Call ... (408) 252-8900.

 

Comments (3)

Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

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
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
Nathan Gesner
American West Realty and 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