Back Up Offers
Back up offers in real estate put you in a position to have the immediate next right, if done properly, to purchase a property that is under contract if the original contract fails.
We encourage clients to continue to view homes which have not past the inspection contingency in case of contract failures. A majority of the time contracts fail is during inspections. Many buyers rush into the purchase, have inadequate representation, and are blindsided when they receive their inspection report. Don't count out homes that have not made it through this contingency of the purchase agreement.
A back up offer consists of a full purchase agreement that is accepted by both parties, buyers and sellers, and is dormant until the original offer is released. If the back up offer is triggered, and written properly, it becomes the priority offer immediately upon the first accepted offers failure and all timeframes begin from that point. There is an optional clause for buyers (you) to void the back-up offer if locate another suitable property before becoming the priority offer.
Many brokerages have low success rates of closing sales due to improper planning and qualification of buyers. Call Crane Realtors® for more information on being a potential back-up offer.