Here’s why you should submit backup offers on properties you like.
Welcome to your one-minute real estate update. Today I want to talk about buyers and putting in backup offers these days because you may not be too familiar with them.
If there’s an accepted offer on a property you like, I encourage you to put a backup offer in as long as the current buyer hasn’t removed all of their contingencies.
Backup offers are important because about 25% to 30% of all current escrows fail to close, and they do this for a variety of reasons. Some sellers accept sight-unseen offers from buyers, but those buyers might easily change their minds. We’re also seeing a lot more buyer remorse since they’ve been so rushed to write offers.
If you can be a backup offer, it can put you in a good position if the first offer cancels. There’s no money at risk until the home falls out of escrow, so I highly recommend you submit backup offers.
If you have any questions about backup offers or other real estate topics, feel free to call or email me. I’d love to hear from you.