What is a Backup Offer in Real Estate?

If you’re like most people, you know that when you make an offer on a house, the seller doesn’t have to accept it – and if the seller gets a better offer, he probably won’t accept yours.

But what about backup offers?

What is a Backup Offer?

A backup offer is similar to a regular offer, but you put it in so the seller has something to fall back on if the first offer he or she accepted falls through. You won’t get first dibs on the home, but again, if that first offer falls through, the seller will have yours waiting in the wings.

Why Should You Make a Backup Offer?

If you’re in love with a house, make a backup offer. Real estate transactions fall apart every day, and you don’t know what the first person’s situation is. Maybe the financing will fall through, or the buyer will get cold feet – and if that happens, you could be next up.

How to Make a Backup Offer Stand Out

Like any other offer, your backup offer needs to stand out. Send it in with a personalized letter saying why you love the home, the neighborhood, or the community – and make sure it’s your best offer.

You can also make an earnest money deposit with your backup offer. Your Realtor® can give you guidance on whether it’s appropriate or not in your situation.

Are You Buying a Home in Irvine?

Call us at 949-385-1684 or get in touch with us online to tell us what you want from your next home so we can help you find it.

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