The Florida real estate market is hot right now. Our Tampa seller agents, Orlando seller agents, and South Florida seller agents are seeing homes going under contract within 24 hours of listing. With real estate offers at an all-time high, more and more buyers are wanting to put in backup offers. A backup offer is an offer that is made on a home or piece of property that already has an offer in place. Sellers often accept backup offers as a contingency should their primary offer fall through. Here are some aspects to consider before accepting a backup offer.
Make Sure You Are Comfortable With The Price
You need to ensure you are comfortable with the backup offer before accepting it because should the primary deal fall through, your backup offer may contractually become your new primary offer.
You Can Accept More Than One Backup Offer
It has happened. A primary buyer does not qualify for the loan and the backup buyer falls through. You may accept as many backup offers as you wish, however, it is advisable that you are up front and honest with all interested parties as outlined below.
Be Honest and Up Front
If you have accepted multiple backup offers, be sure to advise them of where they stand. Let them know if there are any offers ahead of theirs before any paperwork is drawn up.
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