How Do You Get From Back Up Offer To Buying The Home?
Sometimes you do everything you can and you STILL wind up in 2nd place. Some other buyer gets in an offer and gets accepted either because they got there a day (or sometimes a few hours) faster than you could, or the home went multiple offers and there was something about another offer that the sellers liked better than your offer.
So you agreed to submit a back up offer and we negotiated it to accepted status. The terms are appealing to the seller, and depending on the scenario might even be BETTER than the accepted offer.
Mostly, you wait and pray because at this point there's not a lot within our direct control.
We set the stage and give the seller incentive to make things "difficult" for the primary accepted offer, but that's about all we can do within the legal realm of Ohio contracts.
The seller can't MAKE the primary buyer quit the contract once the seller has agreed to it unless they want to risk a lawsuit for breaching the contract. ONLY the buyer can quit the contract, and even then under certain conditions (inspection, financing, appraisal).
So what do you have to hope happens if you're the back up offer?
- Inspection issues the buyer can't live with unless they're repaired or a credit given. Here's where the seller can make things difficult by refusing to fix ANYTHING or offering a REALLY low amount towards a major repair.
- The buyer's financing doesn't get approved (we're not wishing anything bad on them like job loss or medical emergencies, but if they make a bad choice like buy a new car that skews their debt ratios, that loan approval might be a goner).
- The appraisal doesn't meet the contract price, and the buyer won't work out an acceptable compromise with the sellers.
- Buyers change their mind about the purchase because a "better" home comes on the market.
- Buyer gets an out of town job transfer.
Outside of the above reasons, there aren't a lot of reasons that will create the opportunity for that back up offer to become the MAIN offer.
So the best advice while we're waiting? We'll keep looking for another home and pursue that home. And since we kept your options open with the back up offer, you can revoke that offer any time prior to notification that you're now the PRIMARY offer.
If you have other questions about real estate, or thinking about buying or selling a Warren County area home? Just give us a call/text at 513-520-5305 or email Liz@LizSpear.com and we can chat about how we can best assist you!
Serving Warren County area home buyers and sellers,
Liz and Bill aka BLiz
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS
William (Bill) Spear, CRS
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Direct #2: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
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