Real Estate Backup Offers Explained

In hot seller’s markets, where inventory is low and buyer demand is high, it is not surprising to see that many homes are being snatched up into thin air. This creates multiple offer situations and bidding wars which of course makes it very challenging for buyers to purchase a home they really like, especially if you are a first-time homebuyer. This is why as a buyer in a seller’s market, you need to be quick and decisive as time is of the essence when buying a home.

So what happens if you really like a home that is already conditionally sold? What can you do? In this situation, if the sellers are willing and interested, you can submit a backup offer. If you submit a backup offer, your offer is considered a runner-up offer and is subject to the collapse of the first offer. When and if the first offer collapses, your backup offer will move up to position and you have a chance at purchasing the home!

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🏡FREE Buyer's Guide: [ Ссылка ]
🏡FREE Seller's Guide: [ Ссылка ]

*TIMESTAMPS*
00:00 Intro
01:02 Seller’s Market
02:10 Conditional Sale
02:46 Backup Offer
03:47 My Gift to You

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