Bobby Wakeland | Backup Offer
from Utah Real Estate Podcast Hosted by Title One Studio
To educate us about the backup strategy, we have Bobby Wakeland with Summit Sotheby's International Realty. There’s a primary purchaser of the property, and the backup offer is a contractual agreement for buyer #2. If the first buyer backs out, your request is next in line to be accepted. Also, you’ll see information about multiple offers. Unlike multiple offers, realtors will solicit backup offers once a primary offer is in place. Your real estate agent should ask to take a backup offer if you plan on buying a home that already has a primary bid. It’s an excellent strategy to grab your dream property if the initial offer falls through for whatever reason. What’s best, there’s no limit to the number of back-up offers you place. Depending on your contingencies and how you set up your contract, you can have two or three properties under contract on the same day. The backup offer puts you in a better position of buying a house that you’re interested in.
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