Send back up!

By
Real Estate Agent with Atlanta Communities 303302

In Real Estate there is a type of offer on a home called a back up offer. These offers are negotiated just like a regular offer, but when accepted, they fall in line behind the primary or first executed offer.

Why submit a backup offer when the home is already under contract? Well, if the first contract falls through, the back up offer becomes primary. The buyer with the accepted back up offer does not have to rebid against any other offers and moves directly to the front of the line.

For the seller, a back up offer is an insurance policy. Also, if the current buyer starts asking for more than the seller is willing to provide, they know they can let the buyer terminate and take up with the back up buyer.

If you are interested in knowing more about how back up offers can be used for a buyer or seller, give us a call.

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

Comments (5)

Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Peter den Boer listing agents are wise to secure backup offers.... buyer agents may not want to roll the dice and miss a new listing...

Feb 26, 2021 05:42 AM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Peter den Boer - those are great ideas but then too Barbara Todaro makes a good point.

Feb 26, 2021 05:54 AM
Debbie Holmes
John L. Scott - Boise, ID
Gets the job done!

I used a  backup offer a couple of times. 

Feb 26, 2021 06:11 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Peter - real estate, like so many other industries, have a lingo unique to itself and it can be a bit confusing to someone who doesn't practice it everyday.   Careful explanation along with enhanced listening skills can help make the point.  

Feb 26, 2021 06:13 AM
Winston Rowe & Associates CRE Investing Financing
Winston Rowe & Associates - Saint Clair Shores, MI
No Upfront Fee Commercial Loans

Peter, as a commercial mortgage brokerage a back up offer is a must. Great article.

Feb 26, 2021 07:15 PM

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