What You Need To Know About Backup Offers

How a backup offer can help you move into your Lafayette, CA dream home.

Trying to buy a house in a seller’s market can be very difficult. Most likely, not every offer that you put in will win the seller over. However, that does not mean that you have to give up on your dream house. Keep these home buyer backup offer considerations in mind so that you can start packing your bags.

  • It can be your secret weapon – even if your best offer was not enough to win a bidding war, it does not mean that you have to give up on the house. Instead, as the seller to consider your offer as a backup offer, since it does not cost you anything and you are next in line for the house if the first deal falls through.
  • The seller is ready to close the deal – as the home sale progresses, the seller is already thinking about their new home. Having the sale fall through at the last moment can lead the seller to be much more willing to move forward with their backup offer to keep the momentum going.
  • Set a time limit – the longer the home transaction takes, the greater the chance that the two sides will not be able to come to an agreement. Setting a time limit, such as 30 days, may be enough to force the seller to go with your offer to ensure that the deal closes.
  • Ensure that you have the right to refuse – your offer should include a first right of refusal clause so that you are not required to buy the house, but are still the first pick of the buyer if the first deal falls through.
  • Get the terms in writing – when the seller agrees to accept your offer as a backup, make sure that you get a detailed agreement in writing.

For all of your real estate needs when looking to buy your next Lafayette, California house, contact professional Realtor Cary Amo

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