In the past, backup offers were usually a waste of time. Today, two factors have changed this, and backup offers are now a viable option.
Why is now a good time to write a backup offer on a home?
In the past, backup offers were a waste of energy for you and your agent. Very rarely was this a positive solution.
However, two major changes have occurred recently in our market that have led my team and I to start recommending this option to clients.
In our current market, backup offers can actually be a great idea
First of all, inventory is extremely low. There are fewer choices out there for buyers, so they will often do anything they can to make sure they get the home they love. Sometimes, though, this will lead buyers to jump too quickly at a listing that maybe isn’t right for them.
Oftentimes, buyers will make several offers across the market hoping just to wind up with a home at all. However, many of these same buyers will end up backing out of the deal once they realize they are unhappy with the transaction.
All of these cancellations have caused a great climate for backup offers.
Even in cases where your offer may have been rejected, hope isn’t always lost. In cases where another buyer has backed out of a deal, your backup offer will allow you to have a second shot at a home.
Writing a backup offer is something our team would be happy to help you do.
If you’re interested in doing so, have any other questions, or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.