Jun 29, 2017
In real estate as in life, the one that got away is always the bitterest pill to swallow and no one wants to find the perfect home only to see that someone else has snapped it up first.
But the reality is that a “sale pending” sign doesn’t always denote the stone-carved certainty that many might think and there might still be a way to be the winning bid. The key is to submit a “backup offer.”
According to an article on realtor.com, making a backup offer can ensure that you have staked out a place in line if the initial buyer changes their mind or loses their financing. The website notes that several things can help a backup offer succeed. First, make sure it is a real offer that runs at – or preferably above – the asking price. Also make certain that you remain in contact with the seller’s agent. You might even consider dropping a personal note to the seller themselves just to say how much you like the home.
When should you consider making a backup offer? If you are in a hurry to move, then it might be best to just give up and start exploring the other proverbial fish in the sea. You don’t want to waste valuable time pining for a house to which someone else has already laid claim.
But in these times of super-tight inventory, you may not have many other candidates to make a play on anyway so presenting a backup and then waiting to see where it goes might make sense.