What you need to know about leveraging backup offers in this market.
As we head into spring, our housing market is about to heat up. As inventory becomes lower, you need to begin considering backup offers.
It’s no secret that housing inventory remains at record lows, and it looks like this trend isn’t going anywhere. When a good property hits the market at an attractive price in a sought-after location, it inevitably draws a flurry of offers.
However, even if a property goes under contract and is no longer actively for sale, it’s still possible to submit a backup offer. This means acknowledging that while the house is currently under contract, there’s no guarantee the sale will close. Issues such as financing complications, appraisal discrepancies, or inspection concerns can derail the process.
Submitting a backup offer positions you as the next in line should the current offer fall through. We can still arrange for you to view the property and negotiate terms with the seller as if you were the primary offer. If the initial offer collapses, the house bypasses the market and goes directly to you, ensuring your offer is immediately accepted.
“Backup offers are a savvy way to secure a home in a hot market. ”
We have strategies to prevent you from being tied up in limbo with a backup offer for an extended period. This option can be particularly advantageous in today’s market.
If you spot a property marked as pending, don’t hesitate to reach out to us. We can determine if the seller is still open to showings and backup offers. It’s a savvy way to secure a home, provided you’re willing to wait and see if the current offer proceeds. Give us a call or send us an email, and let us assist you in navigating this low inventory market. We’ve honed strategies to help buyers succeed, and we’re here to support you every step of the way.
