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 ...