Is It Worth It to Make a Backup Offer on a Home?

By writing a backup offer, you still have hope of winning the home you want while retaining the freedom to search for other homes.

Want to sell your home? Get a FREE home value report.  

Want to buy a home? Search all homes for sale.

As you know, multiple offer situations happen a lot in our market. In each situation, though, only one offer can be accepted.

In this case, most of the buyers whose offers were rejected go away, but a smart buyer will put in a backup offer in case the first offer falls through.

When buyers who’ve been beaten out before in multiple offer situations encounter another multiple offer situation, they can sometimes put in their offer too hastily, overbid for the property, and get cold feet. If and when the first offer falls through, that means your offer is automatically put in first position and no one else can drag you into another bidding war for the home.

Putting in a backup offer is a good strategy for any buyer involved in a multiple offer situation.

Putting in a backup offer doesn’t stop you from looking at other properties, either. If you find another property you like, make an offer for it, and get that offer accepted, you can simply cancel your backup offer. If you’re not in first position for a home, you can cancel your backup offer anytime.

Putting in a backup offer is a good strategy for any buyer involved in a multiple offer situation and has worked out well for many buyers in our market. If you have any questions about this or any other real estate topic or you’re looking to buy or sell a home, feel free to give me a call or send me an email. I’d be glad to help you!