I've seen this term on several properties, but there is no explanation. Is this good to see if I'm a buyer? Does this mean that the seller is motivated?
2007-02-03 13:18:39 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
When a Seller indicates that he is looking for "Backup Offers, this usually means that an offer has already been accepted, but has certain contingencies which have not yet been met, such as receiving a mortgage commitment, putting up a good faith deposit, having inspections within a contractually agreed to timeframe, etc. If the buyer does not meet the contingencies, then the Seller has the option to sell the home to someone else. If you agree to become a back up offer, then you are in fact waiting for the accepted offer to fail in its contractual obligations.
Unless this is the home of your dreams, you might be better off looking for another home where you can be the initial accepted offer.
Good luck in your search for a home.
Susan Laskin, Sales Associate
Coldwell Banker Residential Brokerage
2007-02-03 14:19:50 · answer #1 · answered by susan l 1 · 0⤊ 0⤋
It means the property is 'sold' subject to contract. 'Backup' is when a seller / realtor is looking for other buyers who can step in should the original buyer not close on the deal.
Example - seller accepts an offer which has a clause in the contract that states the purchase is subject to approval of buyers mortgage. If the mortgage is not approved the deal falls through. Then a 'backup' buyer is offered the property.
2007-02-03 21:25:39 · answer #2 · answered by dukie748 2 · 0⤊ 0⤋
The seller has accepted an offer but doesn't feel that the offer is totally solid (for example if the offer is contingent on the buyer selling their own home). So, the seller is still in the market looking for "backup" offers that he can accept if the first buyer can't complete the deal.
2007-02-03 21:27:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I believe if this is in the ad, it means the house is actually under contract, but the seller does not have faith the deal will go through...perhaps the buyer he/she has is having trouble getting financed.
It means, you could get a back up contract and if the deal falls through, you get to buy it. It also means if you fall in love with the house and the original buyer does get approved, you don't get your dream home. DO NOT give any earnest money unless it is clearly WRITTEN that you get it back if the original buyer ends up buying the house.
2007-02-03 21:24:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
It means they are in a contract to sell with a buyer they feel may not go through. They are looking for back up offers. No it does not help you as a buyer.
2007-02-04 10:36:09 · answer #5 · answered by frankie b 5 · 0⤊ 0⤋
It may be a back up offer in case the first buyer falls through but I am not 100% sure.
2007-02-03 21:23:53 · answer #6 · answered by mom of twins 6 · 0⤊ 0⤋