I'm working with several buyers looking for their next home, so every day I scour the Multiple Listing Service and hotsheet to see what was listed overnight. I'll check several times daily, and set up searches based on clients preferences to be automatically emailed to both them and me. I network with other Realtors to see what they have coming soon to stay ahead of the fast paced market.
Lately I've seen a fair number of sales fall through, as the house shows back up on the market as "active" or available. Invariably, the comments read "buyers financing fell through" as the reason the home is back on the market. (Buyers want to know if something was wrong with the house but that is rarely the reason).
It happened today. I received a notification that a house I showed to a buyer a month ago was once again available. Fortunately my buyer hasn't bought anything so we have a second chance at it.
But should you write a back-up offer? In some cases it is smart to do so. On a recent listing with multiple offers, we secured a back-up to carry us through the home inspection and appraisal phase of processing. If there is a hiccup with the buyer, we had a valid contract in place as a safety net.
You should consider your options when writing a back-up contract. If the buyer has his heart set on a particular home and has time to wait, I may encourage a back-up. Each situation is different and there is no "one size fits all" scenario. Sit down with your trusted real estate professional and consider all your options. Sometimes another property hits the market that is more appealing that the one that got away. Or maybe, you'll get that second chance to present a better offer.
One thing is for sure, we are in a sellers market, so make your first offer your best one. You might not get another chance.