Buying Advice

Why Consider a Backup Offer?

Have you lost out on a home? Are you tired of getting beat out by other buyers? Buying in today’s market is tough and it can be discouraging. Very discouraging. But, don’t give up.

Many Escrows Cancel

Did you know that across the state we are experiencing historically high fall-out rates? In other words, many escrows cancel. Why? Because buyers like yourself don’t always have enough time to make well-informed decisions. In an effort to secure a property, buyers act fast, and then when the dust settles, step back and realize that maybe they didn’t make a good decision. A right decision.

You Still Have a Chance

Someone’s haste may be your opportunity. Though the thought of being in a backup position may not sound all that appealing to you, the reality is that you may still have a shot at a property you want by agreeing to be in a first backup position. We see it all the time. In fact, we’ve seen first, second, and even third backup positions eventually win the day. So, at the very least, if you have an opportunity to be in a backup position, consider it.

Do you have anything to lose by being in a backup position? Not really. Sure, a backup may send a message to the primary buyer to stay on track. It may serve to keep the current escrow in play. But, if you aren’t in the backup, in today’s market, it’s likely that someone else will be. Plus, did you know that being in a backup position does not prevent you from continuing your property search? You can keep looking for houses and you can withdraw the backup offer at any time prior to being moved into a primary contract position.

Why Not Consider a Backup Position?

In today’s market, you need to leverage your position as much as possible. So, why not consider a backup position? It might just become the open door to your new home.

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