What Should You Know About Back Up Offers Before Entering One?

What Should You Know About Back Up Offers Before Entering One?

With the changes in the real estate market, it may be a good idea to have a "Back Up Offer" ready, with multiple offers still very much present.

You may ask yourself, "What is a Back up Offer"?

Were you outbid on your dream home?  You’re not necessarily out of luck. A backup offer can keep you in the game.

What should you know about backup offers before entering into one?

Click on the link below to find out what you should know about Back-up Offers.

Here are the three most important thing you must understand about Back-up Offers before entering one:

1. Automatic Contractual Obligations: You will automatically go under contract if the first buyer falls through.

2. What it means for your time: You could lose valuable time searching for another home while you wait.

3.  Locked-In Bid: Just like a primary offer, you’ll be locked into your initial bid.

Having a backup offer in place can help you get the house you want, even if you’re second in line, so you may still get the house of your dreams.

Your agent can discuss in more detail and we are always ready to answer any questions you may have to help your determine whether a back up offer is right and craft the right one for you.

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