You're ready to invest in a home. You're pre-qualified and have a nice downpayment, but your offer wasn't accepted on that dream house. This is more common in today's strong real estate market. All is not lost. A strong backup offer can turn the tides and make that house your home.
What is a Backup Offer?
Once a homeowner has accepted an offer, they can accept backup offers if they feel for any reason the deal may fall through. By asking the owner to accept your offer as a backup offer means you are in line to buy the property if the deal fizzles out. Bonus, there is no additional cost to place a backup offer.
The Pump is Primed
The homeowner has accepted an offer. They are likely preparing to move. Perhaps they've scheduled movers,…