With this current market, how often do back up offer work?

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What do you mean back up offer? A second offer in case the first falls through? Or an escalation clause in case of other offers?

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Absolutely do. I sold my house recently. 3 offers in 2 hours. Accepted one, the buyer’s wife backed out before we signed the counterpart. Accepted the second offer, it almost fell through two weeks before closing because their appraiser used year old comps that didn’t justify the sale price.

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It’s really low <10%. And if it falls through you might have the same issue (I.e. an inspection problem).

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True, I’m hoping for cold feet vs inspection issue.

It can work. A great buyer agent will keep in touch with the listing agent about properties you wrote on that go pending. Make sure your agent is putting you in this position! Ask what they are doing to keep up on XYZ listing. There are formal backup offers (which include deposit), but most agents just stay close with follow up on case that home falls out so you’re in the #2 spot. I’ve listed properties where we gladly worked with an agent/buyer who was in the backup spot.

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So just an update for everyone here: the winning bid had cold feet so I lucked out with the back up offer. Always better to try something if you can since you never know.

This is awesome; BACK UP WORKS (sometimes). Congratulations

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