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Strategy | Living the Florida Lifestyle Blog

Monday, June 20, 2022   /   by Ana Baldner

A Great Strategy When A Seller Chooses Someone Else's Offer: Submit A Backup Offer

You'd do everything you could to get the home you want, right? If you've been searching for a home the last 2 years, you know that you've got competition.  One strategy that isn't taken advantage of enough: Backup offers
 
If a Buyer submits an offer and the Seller chooses another one, I encourage my Buyers to submit a Backup offer.   A Backup offer is a bona-fide written offer - terms, pre-approval or proof of funds and all.  There is an additional form that notes how long you're willing to be in Backup position.  If the seller accepts and signs off then that home is secured for you, should the 1st Buyer fall through.  A lot of Buyers say to me, "That probably won't happen though.  I'll just resubmit my offer if it comes back on the market."  I tell them, DON'T.  If you wait for the property to come back on the market, then you're competing with the entire market again.  Buyers fall through all the time, especially in a market where ; ...

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Florida Lifestyle Realty LLC
Jackie Griffin
6500 N. Atlantic Ave. Suite C
Cape Canaveral, FL 32920
321-613-5922

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