Backup Offers – The home-buying process can be both fascinating and exhausting. Investing in real estate is something worth waiting for, saving for, and searching for – not to mention spending time refining
but what if you locate the property of your dreams only to discover that it has already been sold by another buyer?
You could be discouraged, wondering if you’ll ever find another home like that one again. Will this sound familiar? Don’t nod your heads in approval just yet! Folks, don’t give up hope! Introducing the backup offer: the long shot with a chance to succeed.
Sure, we may wonder if the motion to place an offer on a house that is already in someone else’s ownership is actually worth it. And the answer is yes. Let’s break it down, shall we? As a house buyer, you just make an offer on the approaching home, just as if you were the first to do so – bargain with the sellers, submit the paperwork, and so on. Step two is the waiting game, which may be a little stressful, we’ll admit. However, if the initial sale goes through for whatever reason, you’ll be next in line to obtain the house you’ve been eyeing. Needless to say, the backup offer is a very attractive approach.
So what are the benefits of going through with this type of offer? A few things to keep in mind:
1. Deals fail for a number of reasons more frequently than you would expect. All it takes is for one of those factors to happen, and you’re on your way to becoming a homeowner.
2. If this is the property you’ve been looking for weeks, months, or even years, and it’s in a competitive market, you don’t want to have to wait for it to be relisted. This will not only promote costs among other interested homebuyers but will also result in the aforementioned pressure waiting game.
3. If the original deal falls through (going back to point A), make sure you understand why. Now that you’re in charge, you have the authority to ask the proper questions, do a second house inspection (be sure to include this contingency in your contract, of course), and so on. This way, if something happens to turn you off about the house, you’ll be able to leave.
Buying a new home is an interesting experience! And, while the process may seem frantic at times, our advice is to enjoy every minute of its (unpredictable) path. Make sure to focus, ask questions, and select a realtor you can trust; there is always the chance to discover something you would not have known about otherwise!
Thinking about BUYING or SELLING a Home,
Richi Khanna can help you and if you have any questions in regards to real estate, then you must call Me today! at
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