Sometimes A Back-Up Offer Gets The Home!

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

pray the first buyer backs out!I'm typically not a huge fan of writing back-up offers because I consider the odds of moving into primary position a bit slim and it keeps my clients in suspense for an extended time.

If I'm the seller's agent, I consider a back-up offer a great piece of leverage.  The buyer starts making too many demands and you can drop the "we've got a back-up offer" card.  The buyer either backs off, or quits entirely and my seller can go to the back-up offer, which is most likely as good or better than the initial offer.

So if I'm the buyer's agent, I know that's happening.  And I also know the seller has very few options to move from the primary offer to the back-up offer.  Basically the buyer has to fail to perform in some way:  not provide the earnest money, not provide the preapproval letter, fail in their financing, etc.

And while unlikely to have the buyer fail to perform, it DOES happen.

Today was one of those days.  The buyers who wrote on Day 1 of a Loveland condo on the market beat my buyers who couldn't tour until Day 2.  And despite writing an extremely strong offer, it was just a bit too late as the other offer was accepted just before our tour.

But my buyers were willing to give the offer a little time to happen (or not) so they agreed to be in back-up status for about a week.

And sure enough, it paid off for them.  The buyer didn't perform per the contract and the sellers were able to switch to my buyers.

The prize for the wait?  A great 2 bedroom and study condo of almost 1500 square feet with lots of updates!  It's move-in ready and that's very appealing.  And another great perk?  Elevators are rare in 3 story condos in our market, but this building has one, so buying a 2nd floor condo is just as convenient as a ranch design!

Closing will be before the end of the month thanks to the streamlined process that comes with a cash purchase!

Need help buying or selling a home in Greater Cincinnati?  Just give us a call at 513-520-5305 or email Liz@LizSpear.com.

Serving Greater Cincinnati home buyers and sellers,

Bill & Liz aka BLiz

 

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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

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Topic:
Home Buying
Location:
Ohio Hamilton County Loveland Carrington Crossing
Tags:
pending
ranch condo

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Rainmaker
385,740
Gwen Banta
Sotheby's International Realty - Los Angeles, CA

You are right! it's worth the effort, as that is how I got my own home!

Aug 12, 2019 08:20 PM #1
Rainmaker
3,338,379
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Bill(and Liz too) - although rare, "back up offers" can and do work.  I have had buyers eventually prevail while in a back up position.  But as you said, it's different when representing a seller where I have witnessed my clients as seller experienced the joys of second chances.  A win win for sure.  Knowing the strategy is beneficial.  Understanding different aspects of real estate is good for buyers and sellers too.  

Aug 12, 2019 08:29 PM #2
Rainmaker
3,279,752
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Bill. This morning for the sake of time I agree with Michael Jacobs . Enjoy your day!

Aug 13, 2019 05:38 AM #3
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Bill- you truly never know and it can work or not! I can see why if you're the buyer's agent you don't want them to pass on viable properties while they wait, but there again...you never know. 

Aug 13, 2019 12:17 PM #4
Rainmaker
2,763,878
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Sometimes you have to take the wrong way to really find some new ideas. It’s happened to me before

Aug 13, 2019 03:15 PM #5
Rainmaker
2,763,878
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Kathy Streib You really don’t never know until you explode where no realtor or stager has gone before.

Aug 13, 2019 03:16 PM #6
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