Get Back Up Offer Form 1-11

A seller considers and accepts a backup offer just as they would a primary offer, so it's important to strategize if you want yours to be accepted. ... The reasoning behind this is that your backup offer gives the seller a safety net that prevents them from having to reenter the market if their primary offer falls apart.

A tactic that is not often discussed is the practice of submitting what's known as a backup offer. A backup offer is a legally binding contract in which an interested buyer offers to purchase the home at a certain price, under certain terms, if the primary offer falls through.

What Is A Backup Offer? In home buying, a backup offer is made in acknowledgment of an existing offer and ensures a contract with the seller if that first offer falls through. It's a legally binding contract that, if accepted by the seller, will put you next in line to purchase the home should the first buyer back out.

if the primary contract falls through, your contract will become the primary contract. as long as you are in backup position and pay your option fee you can terminate the backup offer by notifiying the seller's agent in writing and receive your earnest money back.

Only after the first contract is clearly over can the seller accept the second offer. ... A: Offers from other buyers can be accepted by the seller even if the property is under contract. The seller may or may not be able to break the first buyer's contract and successfully sell to the higher bidder.

When the seller signs the backup contract, it means that if Buyer 1 should cancel their contract for any reason, Buyer 2 is automatically under contract to buy the home. Multiple backup offers are rare, but are possible as well.

What is a Back-Up Contract? Back-Up Contracts are enforceable contracts; they are simply subject to one additional contingency i.e. termination of the First Contract. A Back-Up Contract is a binding contract and as such both option and earnest money must be paid (and delivered) per the terms of the contract.

A seller can accept backup offers in any market, but the tactic of placing an offer on a home that's already under contract is more common when housing inventory is low. A seller may accept backup offers so if the current buyer walks there is another purchaser ready to close the deal.

What is a Back-Up Contract? Back-Up Contracts are enforceable contracts; they are simply subject to one additional contingency i.e. termination of the First Contract. A Back-Up Contract is a binding contract and as such both option and earnest money must be paid (and delivered) per the terms of the contract.

A seller can accept backup offers in any market, but the tactic of placing an offer on a home that's already under contract is more common when housing inventory is low. A seller may accept backup offers so if the current buyer walks there is another purchaser ready to close the deal.