What is a Backup Offer?

You may know that when a home seller and a home buyer reach an agreement on the terms of a home sale that they go “under contract.”  

But what you may not know is that between 20-25% of those houses that are under contract won’t close!

Why?  The reasons vary...

Sometimes the buyer will back out because they have cold feet.

Sometimes there’s something revealed in the home inspection that becomes a “deal breaker” for the home buyer ... or the home buyer isn’t satisfied with the remedy the seller is willing to do as a result of the findings in the home inspection.

Sometimes something happens to the home buyer’s ability to buy the house, like getting laid off.  So even though they’re “pre-approved,” they no longer qualify and are denied the loan.

Sometimes the home doesn’t appraise for the agreed upon sales price and the home buyer and home seller can’t reach an agreement on how to address the situation.

And the examples could go on and on...

Because there ...

The Offer

You have been searching for that perfect home, and it looks like you found it. Now is time to put in your offer. And wait…

How Long Does It Take for an Offer on a House to Be Accepted?

There's a super easy answer to that question, but there are also some nuances to go along with it.

First, what's the simple answer?

On or before the time limit when the offer expires.

Let me elaborate:

Whenever you submit an offer on a house, you put an expiration date and time for that offer. In other words, you give the homeowner a deadline by which they need to make a decision. If the homeowner is interested in your offer, they'll either sign the contract and send it back to you, or they may send you a counteroffer. Either way, they're going to respond to your offer on or before the expiration date and time on your offer.

Now for the Nuanced Answer: It Depends

In actuality, the better answer, like so many things in life, is more nuanced. And in reality, the dependenc...