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.
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.
Streetsville Real Estate
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