Home sellers today are seeing an increase in multiple bids, or bidding wars. The best offer is accepted, but sometimes a real estate transaction will not go through. In that case, the home has to go back on the market. The only way around re-listing is to accept a backup offer.
What is a backup offer?
A backup offer is an offer for your property that you are ready to accept if the primary offer doesn’t make it to the close of escrow. Real estate transactions can fall through for a variety of reasons, so it’s better to be safe. Backup offers, however, can be tricky. It’s important to know and consider the following 4 things about backup offers before you accept your first one.