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Mine have been quite successful because deals fall apart all the time. You want to be in that strong 2nd place position for when this happens. The Listing agent has no requirement to disclose this back up if they choose not to.
Never! As long as the presense of the back up offer is not kept a secret.
The back up offer keeps the primary buyer honest and fully aware if they 'go stupid' they will be back on the looking circuit. Nothing allows the buyer to kick that inspection report to the curb like a back up offer.
That is the purpose of the back up buyer, to keep the primary buyer from going stupid.
Blue Bell, PA
Not often in this market.
Stevens Point, WI
Haven't had one happen yet.
Frank Rubi, MBA In my experience, many buyers do not want to submit a back up offer because they want to continue looking for a property.
One time I felt compelled to put in a backup offer, and I got it for much less than the deal that fell through.
Not often but when it does happen it is a pleasant surprise. I had it happen two weeks ago.
Frank Rubi, MBA I do not think it ever happened to me, even when the back up offer was stronger (more than previous one!)
Also, I do not write many back up offers. I think I should.
Never...don't write them. We call before showing every proeprty if there is an offer...on to the next. If the offer falls apart on an inspection issue...that may be a red flag to any buyer.
Frank - I wouldn't say that is is common, but every once in a while a back up offer ends up getting accepted and I am thrilled when it does. I think it is totally worth it, as it doesn't hurt anything, and you never know...
A few years ago deals were falling out all the time.
I think it is a waste of time unless the listing agent is truthfull in what the pending item is and if there is even a chance of it coming back. Too many tomes it is just listed in this column but unless lightning strikes, the deal is not falling apart,
I have never had a back up offer accepted. In those rare times where we've placed a backup offer and the initial deal fell apart, the agents typically open up the listing for others as well.
rarely, but as a team of listing agents, we love to see those backups in place...
I don't do many so not often
It's rare, but we had one a few months ago. We also had a deal fall apart, went to the back up, but they had moved on.
i had one recently work, i made it stronger by advising the listing agent that the offer would stand "as originally offered" he knew we wouldnt try to monkey with it, knowing his other offer fell thru... it seemed to help as our offer had issues