Buying Your Home and BackUp Offers

Don Reedy April 24, 2013

Backup Offers on Your Home Backup Offers Are Your Friend

As a potential home buyer, you may have started to wonder how and when you are going to find your home… your perfect home.

The home that calls your name and makes you feel like you could never leave. The home that you see in your dreams.  Perhaps it’s one of these homes in Oceanside?

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Or perhaps you’ve adjusted your mindset and determined that you don’t need “everything” on your want/need list for your new home. Maybe you’ve even gotten to the point where you are just grateful to have at least found a home that is for sale.

There Aren’t Enough Homes For Sale Now in Oceanside

In areas with tight inventory like Oceanside, you may be having a hard time finding your home and, as such, you may be considering writing a backup offer for the home(s) you are considering.

What Is A BackUp Offer?

A backup offer is an agreement you make with the home seller after they have accepted another offer by a different buyer. A backup offer places you second in line for the property.

If the first offer contains any contingencies requiring sale or appraisal of another home or financing or even an inspection, and they are not met, then you are the next in line and under contract to purchase the home. The offer applies unless or until you find another home that you want to place an offer on. In that case you would need to withdraw your backup offer.

In my experience placing a backup offer in this market is mandatory if you are serious about buying a home.   Don’t be discouraged because your offer wasn’t accepted.  Instead, be prudent, make sure your agent submits that backup offer, and then move ahead with searching once more.  You may find that two weeks later the phone will ring, the first offer on the home didn’t work, and you’re right there with what you would have wanted to pay in the first place.

In this day and age, with inventory at all time lows, finding a home, your home, can be difficult. Choosing to submit a backup offer is not easy, either, but could be worth it.

Contact us to see how we can help you “win” the home of your dreams.

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By Don Reedy

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