In the competitive realm of real estate, buyers may find themselves in the unique position of being the backup offer. While it may seem like a setback at first glance, being in the backup position carries its own set of advantages and considerations.
When a seller accepts an offer from a primary buyer but continues to entertain other offers, those subsequent offers are considered backup offers. Essentially, backup buyers are in a standby position, ready to step in if the primary offer falls through for any reason.
What’s the advantage of being a backup buyer? Opportunity for Success! While being the backup buyer means you’re not the seller’s first choice, it still offers a chance to secure the property you’re interested in. If the primary offer encounters issues, you could find yourself in a prime position to step in and close the deal.
The primary drawback of being a backup buyer is the uncertainty surrounding whether you’ll ultimately secure the property. You’re essentially at the mercy of the primary buyer’s transaction, and there’s no guarantee that the deal will fall through in your favor. But, what do you have to lose? You can keep looking at other homes while you wait to see what happens with the first set of buyers. You don’t lose any time and can simply notify the sellers if you enter into a contract on another home.
Check out this short video with an example of some buyers I worked with who decided to enter into the backup position!
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