Back-up offer could win your dream home

Chris Reisbeck

Chris Reisbeck

Looking at homes for sale is fun. Finding your dream house only to discover it’s already under contract? Not so much. That’s where a back-up offer comes into play.

Often, buyers walk away when they see a house is pending sale. What they may not realize is that real estate transactions are a process with many steps that must go smoothly for a sale to close. A contract on a house doesn’t ensure that the house sells. A closed sale requires solid buyer financing, agreeable negotiations, and a number of other paperwork and administrative greenlights.

Back-up offers are one way for buyers to pursue a house they want, but which might appear out of reach. It requires patience, as you wait to see if the sale will go through as planned or if you might get a chance to step up to plate. But when you play your cards right, it can result in a great deal. When a sale falls through, sellers understandably are eager to find a replacement offer. They may be more open to negotiation, which can result in a better price for you.

A BACK-UP OFFER SUCCESS STORY

I’m not just giving you the company line. I have a success story to share with you.

This week, I helped close a sale on a Highland Park home that started the escrow process more than once. My client’s back-up offer, the third offer overall, eventually won the house. And to make it even better, my client got the home for $50,000 under the last appraised value.

This home definitely fits into “dream home” status. A charming home tucked away into a quiet hillside, it’s a gorgeous property with amazing views. Wood floors and glass doors give way to layered patios and stairs, offering amazing indoor and outdoor spaces ideal for California.

Had we not written the back-up offer, my clients would have missed out on a fantastic deal — and a beautiful home.

The back-up offers becomes an even more necessary tool, as we see fewer homes coming onto the market and tougher competition for buyers. With dwindling home inventory and fierce multiple-offer situations, you want every possible advantage.

So, don’t give up too quickly if you see your dream home with a “pending” sign on it. Have your back-up offer ready to go, and you may get a chance to step in and buy the home of your dreams!

Share this post

Interested in buying selling a home?

Featured in:

Get the App

Stay in Touch

© 2022 Reisbeck Real Estate Inc. License 01475481 All Rights Reserved.