Sometimes It Pays to Be a Back-Up Offer

Sometimes It Pays to Be a Back-Up Offer

Sometimes it pays to be a back-up offer.  I am usually not a big proponent of them as a buying agent because hopefully the first agent has coached their clients well, gotten them pre-approved with a good lender.  However, with this fast paced market there is often times buyer’s remorse, those who aren’t qualified for a loan, or just don’t want to deal with issues that a home inspection may uncover.

As a listing agent, I’m all about it because it’s an insurance policy for the issues described above.  Now, the buyer can still get out of the contract as long as they inform the selling party that they are proceeding forward with another contract.  It is all a matter of understanding the risks involved in being a back-up offer and if the buyer as the patience to see if the primary contract will stick…