Accepting Backup Offers in Real Estate: What You Should Know

Maximum Exposure Real Estate

What Are Backup Offers in Real Estate? What is a backup offer in real estate? How do Backup offers work? When buying a home, will writing a backup contract make sense? A backup offer is […].

How to take advantage of the backup offer on both sides of the transaction

Inman

Agents told Inman that they typically only see a small proportion of backup offers become primary offers, but the tactic can still prove beneficial for both seller and backup buyer.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

4 Things Sellers Need to Know About Backup Offers

First Team Real Estate

of offers faced bidding wars. The best offer is accepted, and the deal moves forward. The only way around re-listing is to accept backup offers, so during the planning phase of your home sale, talk to your listing agent about the pros and cons of backup offers.

Can a Home Seller Under Contract Still Accept a Higher Offer?

Realtor.com

The buyers fell in love and made an offer, and you let out a great, big sigh of relief when the contract was signed. Then it happens—another offer comes in, and a better one at that. Buyers can also take backup offers (more on these options later).

Knock expands availability of Home Swap solution in Texas

Housing Wire

This solution is offered exclusively through local real estate professionals who were trained as Knock Certified Agents. Knock said that it will provide a backup offer on the old house just in case it doesn’t sell within six months, but Knock claims 90% of homes sell in 90 days or less.

The Meaning of Active Under Contract Explained

Realty Biz

The seller has agreed to accept a contingent offer from the purchaser. During this time, the seller can still accept backup offers from other interested parties. Both are used when a seller has accepted the buyer’s offer, meaning that both parties are under contract.

Bidding Wars

The Residential Specialist

Sellers are reaping the benefits from this shift in demand—it’s likely they’ll receive multiple offers on their homes and that they will sell for more than they may have pre-COVID. We find that deadlines really help drive offers and get an auction-type environment going,” says Medford.

What is a Contingent House Listing?

Point2Homes

A home listed as contingent means the seller has accepted an offer. Essentially, contingent listings still have contingencies to be fulfilled in order for the sale to go through, so the seller may still be open to other offers. A backup offer is not uncommon in real estate sales.

What Does Contingent Mean in Real Estate Sales

Realty Biz

For example, if a home sale is contingent or pending, can you still make an offer? How your real estate agent markets your property when an offer has been accepted can have vital implications. Can you Make an Offer on a Contingent Home? The Definition of Contingent.

What Does ‘Under Contract’ Mean in a Real Estate Listing?

Realtor.com

In most cases, a property is listed as “under contract” once a buyer has made an offer and the seller has accepted. Since it’s possible for any of these items to fall through along the way, seller’s agents will sometimes take backup offers.

Will a House With an Offer On It Be Removed From the MLS? Agents Explain How It Works

HomeLight

Since most homes for sale are made available through the MLS — which syndicates to lots of different real estate websites and makes properties available to all agents within the region — it’s fair to wonder if a house with an offer on it will be removed from the MLS.

MLS 91

What Buyers Can Do in an Extreme Sellers’ Market

Realty Biz

Learn the number of days these houses have been staying on the market before an offer is made. Learn if the offers have been below the asking price, full asking price, or if a bidding war took place. Even if you are outbid, make your best offer a backup offer.

Agent Spotlight: Christine Bova

First Team Real Estate

Of the four luxury real estate sales I closed in April, three of the transactions were backup offers, and another I secured for my client through targeted outreach with an “I have a buyer letter.”

10 Things to Know About the ‘Sale Pending’ Phase, aka House Closing Limbo

HomeLight

You can put so much effort into prepping your house for sale that you forget what happens after you receive an offer. Sale pending is the status in between active and sold, which indicates that you’ve accepted an offer and are in the process of selling, but that the sale is not yet completed.

Welcome to Dunthorpe!

The Living Room

After viewing the pending home with hopes of submitting a backup offer, I was able to discover that the house next door was built by the same builder and was just about to hit the market. Congrats to the Bernstein family on the purchase of their absolutely stunning new home.

SOLD! Bright + Cheery Ranchalow in Brentwood Darlington!

The Living Room

We had 8 FANTASTIC offers, and honestly, my clients would have been happy accepting any one of them. After 50ish showings over the weekend, my clients were thrilled with the eight offers that came in. However, I let them know that we should take every offer with a grain of salt.

Summer real estate blog topics every agent should consider

Easy Agent Pro

Multiple offers? how to buy a house before selling yours” is a trending Google search term (spiking 160% last week) so offering an answer in blog form is a wise move. As we all know, there’s more to an offer than price. The backup offer.

Zillow Seal Beach vs local expert Brandice Presley

First Team Real Estate

Brandice and her team go to bat for their clients on everything from preferred timeline, inspections, closing costs, backup offers, repairs, and so much more.

JULY 2021

The Living Room

This one is the most interesting in my opinion: it is a sellers’ market until the seller accepts an offer…then the transaction transitions to the buyer’s favor. To get their offer accepted, the buyer had to really put it all out there. Where do we stand? And where are we going?

Real Estate Agent Christine Bova Closes $5 Million in Transactions for April

Luxury Real Estate Blog

Of the four luxury real estate sales I closed in April, three of the transactions were backup offers, and another I secured for my client through targeted outreach with an "I have a buyer letter.". Courtesy of Grace Keister of First Team Real Estate .

Backup for the Win in Woodstock!

The Living Room

They had put offers on eight homes with no success, and felt that their agents were not advocating for them. Wary of more heartbreak, Jewelie and Andy held off on making any offers the first few times we toured. The post Backup for the Win in Woodstock!

Home Brew: South Florida Condo Covered in Beer Cans Receives Multiple Offers

Realtor.com

We actually received multiple offers. It is currently under contract, and I have a backup offer as well,” she notes. The new owners, she says, made an offer without even seeing the property in person.

How Emotions Affect Home Buyers

Realty Biz

You’ll be viewing properties online, talking to agents, touring houses, and making offers even when you think someone else will make a better offer. But you never know when your backup offer might be the one that goes to the closing table.

Going Above and Beyond to Make a Difference in the Lives of Clients

RIS Media

” RomeoDiSantillo drove to the home, FaceTimed the buyers to showcase the exterior (she couldn’t get in), the neighborhood, the neighbors and the street location, submitted an offer and completed inspections, and the virtual closing went off without a hitch.

Award-Winning Midcentury Modern Restoration in Rancho Mirage, CA, Is Listed for $1.3M

Realtor.com

But if you truly dig the vibe, there may be a slim chance—the sellers are accepting backup offers. realtor.com Authentic midcentury modern time capsules like this beauty in Rancho Mirage, CA , don’t land on the market often. And when they do, they wind up selling in a flash.

Why Sellers Should Add a Kick-Out Clause to Avoid a Contingency Nightmare

HomeLight

As any seller would be, you’re thrilled when an offer comes in for your property — but that excitement fades when you find out it’s contingent on the sale of the buyer’s home. An ideal situation would be to receive an offer without a home sale contingency.

Contingent vs. Pending: Real Estate Lingo Explained

RIS Media

The contingent label in a listing indicates that the seller has accepted the offer; however, certain things need to happen before things can move on. The contingent status typically allows the home to be shown to other possible buyers, allowing backup offers to be made.

8 Demands Every Homebuyer Should Make Of Their Real Estate Agent

First Team Real Estate

In today’s active seller’s market with multiple offers, as a homebuyer, you need to make sure you’ve found an agent who’s truly committed to helping you find your next home at favorable terms.

Multiple Offers on Your Home? 14 Concerns You Must Address with Your Realtor

First Team Real Estate

In numerous cities, home buyer demand is up while inventory stays low– leaving house hunters fighting it out in multiple-offers scenarios and sellers attempting to browse everything. The purchasers will not get this cashback if they back out of the offer unless defined in the agreement.

How to Use Real Estate Signs and Sign Riders to Generate Quality Deals

Lab Coat Agents

How many beds, baths, and garage bays does the home offer? They may also choose to offer financing if the property doesn’t qualify for bank financing. But use caution…the message could be taken as an open invitation for low-ball offers.

Zillow vs. Family Owned Brokerages: 6 Ways First Team Real Estate Saves Southern California Homeowners Thousands When Selling A Home

First Team Real Estate

An invaluable resource we offer our clients is our First Impressions Concierge , where we have local contractors identify which renovations, remodeling projects, and staging elements will help your home sell for more money.

How to Win a Bidding War: The 3 Cs of Writing Better Offers

HomeLight

If you want to win more bidding wars, you can’t keep writing offers the same way you always have. When you’re up against five, 10, or even 50+ other offers, the smallest details can have the biggest impact. Listen as we discuss the five parts of an offer (and which one matters most in today’s market), the 3 C’s of winning bidding wars (confidence, communication, and creativity), and how to get clues from the listing agent that will help your buyer win.

5 Ways to Get a Real Estate Price Estimate for Your House

HomeLight

You can even take it a step further by tapping into our network of Simple Sale buyers to get a real offer on your property. Find out what a cash buyer would offer. He also looks at comparable sales in the area before making a cash offer.

Win More Bidding Wars: The 3 Cs of Writing Better Offers

HomeLight

If you want to win more bidding wars, you can’t keep writing offers the same way you always have. When you’re up against 5, 10, or even 50+ other offers, the smallest details can have the biggest impact. Winning isn’t easy when you’re one of 10 or 20 offers.

Zillow vs. Family Owned Brokerages: 6 Ways First Team Real Estate Saves Southern California Homeowners Thousands When Selling A Home

First Team Real Estate

An invaluable resource we offer our clients is our First Impressions Concierge , where we have local contractors identify which renovations, remodeling projects, and staging elements will help your home sell for more money. Everyone thinks about the price, but when it comes down to the nitty-gritty, your agent will be going to bat for you on a timeline, inspections, home warranty, closing costs, backup offers, repairs, and more.