What is a “back up” Buyer?  A back up Buyer is first in line to purchase a home if the “Primary” Buyer is unable or unwilling to perform on a contract.   It happens.  The Primary purchaser loses their job or breaks up with a girlfriend.  Three weeks into the transaction, the contract falls apart.  The first phone call is to the “back up” Buyer.

 

If you have made an offer on a great home and your offer wasn’t chosen, ask your Buyer’s Agent to inquire about acceptable terms for a “back up” offer.   The language of a backup offer allows you to continue to look for homes and to rescind the backup offer at any time before being moved to Primary position.  So, it’s a no-harm-no-foul move.  You can be a backup offer for as many homes as you wish.  Sooner or later, one is going to come available, and you will be first in line to grab it.

 

Another option:  consider the listings still on the market 10 days or more.  These are the listings passed over by other Buyers, but they could be an attractive choice for you.   Why were they passed over?  Most likely because the Seller overpriced their home.  They have missed the opportunity for multiple offers in the first days on the market and now they are waiting for you to come along with all the negotiating options in your hands.

 

 

This blog is written by Kathy Chiero.  Kathy is the Team Lead for The Kathy Chiero Group of Keller Williams Greater Columbus Realtors.  Thinking of Buying or Selling?  Find us www.OurOhioHome.com © 2021 All rights reserved.