The First Contract doesn't always Work - Back-Up Offers are Needed

Reblogger
Real Estate Agent with Coldwell Banker BRE #01513285
Original content by Joan Cox DRE# ER40011786

 
Contract to Buy and Sell

In a seller’s market, property tends to go pending quickly, (usually over the weekend) throughout the Denver metro area.      When viewing a home the emotions are running high, and if decisions are made quickly, they may be made by the heart, not with the brain.

 

 


We are seeing properties coming back on the market within a week or sooner in some cases.   (We currently are seeing a 38% fall-out rate)  I have in the past asked listing agents to contact me if their listing should fall, but now will write a backup offer if their offer was in 2nd or 3rd place.   There also have been multiple offers sending prices higher than list price, and appraisals coming in below contract price and buyers are bringing crazy money to fill in the appraisal gap.   It is good to have a backup in place, and not have to compete again if the property terminates with the first buyer. 

 

I was a full-time REALTOR® back in the late 90's when Denver was in a HOT market, and properties would get multiple offers, and we are again seeing this --- we have come full circle and even more so right now!

 

 

 

House to Home, Inc.

GRI, CRS, CNE, e-Pro, CLHMS  

 

Broker/Owner

Joan@JoanCox.com

720-231-6373

 

Homes for Sale in Denver

Neighborhoods in Denver

Homes for sale on Acreage

 
  A Denver Metropolitan Realtor

FacebookTwitter  Linkedin

 

Posted by

Mike Jackson, CNE, CDPE

Broker Associate

SEARCH THE MLS    

 

 

Comments (2)

Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

Great Reblog and how right this is.  

Apr 12, 2021 09:01 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Michael, thank you for the reblog, and am sure this same scenario is being done is many areas across the Country.

Apr 12, 2021 10:04 AM