Sometimes Second Comes in First!
Do Not Hesitate to submit a back-up offer on any property that you were hoping to purchase.
It is NOT a waste of time.
Escrows fall out very frequently, and very seldom is it related to any problems with the property.
1] The Buyer simply has a change of heart
2] Problems securing the loan that was promised
After the time-consuming effort that is required from all parties involved in an Escrow, a Seller is often fatigued to put the property back on the market.
Sellers welcome the chance to line up a
“back-up” position during the escrow period so they know to a certainty – one Buyer or another- they will close a sale without having to Re-List.
You might even get a discount from the originally accepted offer.
And one Very Important thing to Note:
A backup offer is ONLY Binding on the SELLER.
You can write it, negotiate a final agreement- and forget about it – if you want.
The only party who is obligated to honor the commitment is the Seller.
So what do you have to lose?