We were a 2nd backup offer. The RE agent took it to the seller. We kept waiting to see if the first regular could perform. After a few months, they couldn't get financing, so it rolled to the 1st backup offer, but they had just put in an offer with earnest money for another house, thinking that the first buyer would perform. The backup buyer couldn't get out of that offer, and they could not perform on both, so they were out at that point. So, now we were in first position, and we were pre-qualified. So our deal went through, 4 or 5 months after they listed it. We offered full price due to it having all the things we wanted. We have 40 acres, a decent (but not nice) house and a well supplying in excess of 50 games well with pure, wonderful water. I say, if you are meant to have a house, it will happen.
I did a backup offer on my house. It was the best thing I did. Not only did my realtor use it as a negotiating tool, but it saved us if the first buyer wanted to walk
Sort of… it was more of a minute bidding war with our recent home sale, we were on the market for maybe 10 days when we had gotten 2 initial offers. We had plenty of showings though so we did a 48 hour call for any others to put in if they wanted consideration which generated another 2 offers. It risked the initial ones rescinding but it worked so then we put a 24 hour call for highest and best which also yielded some staying with their current offer, others dropping certain terms, and 2 raised their offer amount. We ended up not going with the highest amount but with the one that would yield us the best profit (3rd one received) because the terms did not require us to pay their agent or closing fees. They also had the highest amount available for cash down on the property with their financing so seemed most financially ready to handle the process. The first one received asked to be placed as a backup but the deal went through without the need.
We were a 2nd backup offer. The RE agent took it to the seller. We kept waiting to see if the first regular could perform. After a few months, they couldn't get financing, so it rolled to the 1st backup offer, but they had just put in an offer with earnest money for another house, thinking that the first buyer would perform.
The backup buyer couldn't get out of that offer, and they could not perform on both, so they were out at that point. So, now we were in first position, and we were pre-qualified. So our deal went through, 4 or 5 months after they listed it. We offered full price due to it having all the things we wanted. We have 40 acres, a decent (but not nice) house and a well supplying in excess of 50 games well with pure, wonderful water. I say, if you are meant to have a house, it will happen.
I did a backup offer on my house. It was the best thing I did. Not only did my realtor use it as a negotiating tool, but it saved us if the first buyer wanted to walk
Sort of… it was more of a minute bidding war with our recent home sale, we were on the market for maybe 10 days when we had gotten 2 initial offers. We had plenty of showings though so we did a 48 hour call for any others to put in if they wanted consideration which generated another 2 offers. It risked the initial ones rescinding but it worked so then we put a 24 hour call for highest and best which also yielded some staying with their current offer, others dropping certain terms, and 2 raised their offer amount. We ended up not going with the highest amount but with the one that would yield us the best profit (3rd one received) because the terms did not require us to pay their agent or closing fees. They also had the highest amount available for cash down on the property with their financing so seemed most financially ready to handle the process. The first one received asked to be placed as a backup but the deal went through without the need.
Great info 🎉
I was the back up offer on my first home: we never thought we’d get it
Your advise is good in Canada also 😊
💪🏼💖 thank you so much!
50 gallons per minute. It's a beautiful piece of land, super private and peaceful place. We wanted it before we even looked inside the house.
Congrats!