Back Up offers for Virginia Listing and Buyer Agents
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As a buyer what makes me nervous about putting in backup offers is that it has the potential to make the first buyer perform and help close the sale. Everyone wants something that everyone wants, so once the first buyers hear there's a backup offer, they're likely determined to close to avoid letting this hot property slip away. So in the past I have always had my agent express an intention to make an offer if it falls out, but not formally put in a backup offer. Thoughts?
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Brilliant observation. Yes you you are right, that very much can happen. It is a very tight balance one needs to watch out for. The benefit of the back up is the listing agent would be VERY scared to go back to a "let us know if it falls through" but they would go back to a back up offer that was $500 higher. And yes, your offer could make the first guy perform, but couldn't the listing agent also say "buyer, if you don't stop asking for money, we will go to JM who is eager to jump on the deal."
FranklyRealty 1 year ago