Do You Have A Backup Contract

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

Time to celebrate...you've just received a great offer. All the terms, including price, settlement date, financing etc are acceptable and agreed upon. You are now under contract. Time to pack the house, hire the movers and make arrangements for your next  home.

Whoa, not so fast.

On the rare occasion  the contract falls apart for any reason such as buyer's remorse, loan denial,  inspection concerns, condo documents, a family illness or who knows what...

You may need a back up contract. Discuss this with your REALTOR® 

Make sure they keep tabs on everyone who showed interest in the house.

On the rare occasion a buyer asks for a release and they want out of a contract, you can let them go with a fight, hold their deposit, bring in the attorneys... but this won't get your home sold. In my experience when someone wants out, let them go rather than holding up the sale of the property.

(This does not mean there are no consequences for that buyer.)

There are ways a buyer can get out, some legal some not. Forcing a sale does not work. When the horse is dead dismount.

Move forward. Go to the next buyer who showed interest. Re-list the house, put it back in the MLS as active. Post a new blog. 

 By always treating the buyer's agents who showed the property with respect...you  may just have your backup offer.

 

Thinking of selling your home

Call Margaret Rome

 

Margaret Rome

 

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Tags:
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backup contract
contract falls through
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Rainmaker
186,099
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

It is often said that the 1st offer is the best. But in my experience, sometimes you need a backup.

May 13, 2019 08:53 PM #1
Rainer
485,848
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Margaret,

Sometimes, the boss decides that Ohio is where you are needed, so you have to reluctantly back out of the signed & sealed deal. If the house is nice, this will be an opportunity for another buyer, who may have missed out.

May 13, 2019 10:11 PM #2
Rainmaker
4,826,369
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Good morning, Margaret Rome, Baltimore Maryland when a buyer wants out, let them out.... quickly and calmly with a big smile.... when one train leaves, there's another one right behind it...

May 14, 2019 05:21 AM #3
Rainmaker
3,210,572
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Margaret - excellent advice:  move forward.  I have no doubt you provide buyers/sellers you represent of the available decisions that are in front of them.  Knowledge is very powerful.  

May 14, 2019 06:37 AM #4
Rainmaker
1,135,573
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Margaret Rome, Baltimore Maryland - The first offers are usually the best but also more likely to fall out. Get that back-up!

May 14, 2019 07:28 AM #5
Rainmaker
1,823,199
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good afternoon Margaret Rome, Baltimore Maryland - this is always a good idea but easier in a sellers market. 

May 14, 2019 12:57 PM #6
Ambassador
2,789,643
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Margaret Rome, Baltimore Maryland excellent advice. We did have a file fall through just before Christmas and thankfully we had a ready willing and able buyer waiting for that home. All worked out just fine.

May 14, 2019 02:45 PM #7
Ambassador
2,931,869
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Joseph Domino 480-390-6011 Better to have a backup and not need it than need it and not have it.

May 14, 2019 04:21 PM #8
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Dörte Engel Sometimes the boss makes that decision.

May 14, 2019 04:22 PM #9
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Well said Barbara Todaro 

May 14, 2019 04:23 PM #10
Ambassador
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Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Michael Jacobs Continue to move forward and careful with the emotions.

May 14, 2019 04:24 PM #11
Ambassador
2,931,869
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Sheri Sperry - MCNE® Much easier in a seller's market.

May 14, 2019 04:25 PM #12
Ambassador
2,931,869
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Grant Schneider Oh this is so true. Much more emotional when there is no backup.

May 14, 2019 04:26 PM #13
Ambassador
2,931,869
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Anna Banana Kruchten CRB, CRS 602-380-4886 Good to hear it worked out well for you. 

May 14, 2019 04:27 PM #14
Ambassador
2,789,643
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!
Ambassador
2,931,869
Margaret Rome, Baltimore Maryland
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Thanks for leaving the link to your featured post Anna Banana Kruchten CRB, CRS 602-380-4886 

May 14, 2019 05:00 PM #16
Rainmaker
492,826
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

When a deal flips, i t's a scramble to get the house back on the market and contact those agents who have interested buyers.  Best to have the info as to why it flipped ready, along with inspection reports and any scheduled repairs

May 17, 2019 09:27 AM #17
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