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If you and your agent decide to put together a backup offer, here are a few touches that can help turn the tables in your favor: Money talks. Present a clean offer, complete with mortgage pre-approval and proof of funds. ... Be flexible. ... Write a letter. ... Stay visible.
A seller may accept backup offers so if the current buyer walks there is another purchaser ready to close the deal. By collecting backup offers, the seller avoids having to remarket the listing, show the home again or sift through numerous new offers, because backup buyers eagerly await the home on the sidelines.
4:20 7:08 Back Up Addendum - YouTube YouTube Start of suggested clip End of suggested clip The way to do that is using paragraph five of the backup contract. Put $0 in the first blank. AndMoreThe way to do that is using paragraph five of the backup contract. Put $0 in the first blank. And then using special provisions.
4:20 7:08 Back Up Addendum - YouTube YouTube Start of suggested clip End of suggested clip You can save your client a lot of hassle by submitting the backup offer with zero earnest money asMoreYou can save your client a lot of hassle by submitting the backup offer with zero earnest money as long as it's done properly. The way to do that is using paragraph five of the backup contract.
In home buying, a backup offer is made in acknowledgment of an existing offer and ensures a contract with the seller if that first offer falls through. It's a legally binding contract that, if accepted by the seller, will put you next in line to purchase the home should the first buyer back out.
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What Is A Backup Offer? In home buying, a backup offer is made in acknowledgment of an existing offer and ensures a contract with the seller if that first offer falls through. It's a legally binding contract that, if accepted by the seller, will put you next in line to purchase the home should the first buyer back out.
Backup offers are accepted when a seller is uncertain that a property will be closed upon, especially when they need to unload the home quickly. They're also commonly used when in a seller's market, where sellers hold more power than shoppers do. They're uncommon in a buyer's market, when buyers can be more selective.
The reasoning behind this is that your backup offer gives the seller a safety net that prevents them from having to reenter the market if their primary offer falls apart. That security may be worth accepting a slightly lower price than the current offer.
If you and your agent decide to put together a backup offer, here are a few touches that can help turn the tables in your favor: Money talks. Present a clean offer, complete with mortgage pre-approval and proof of funds. ... Be flexible. ... Write a letter. ... Stay visible.
From the sellers' perspective, it's usually a good idea to counter an offer for backup position if there is more than one offer. Keep in mind that most buyers would rather be in primary position. Some won't accept backup for the reasons mentioned above, or they may have another house in mind if they don't get yours.

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