Tips for Home Sellers
Welcome! Each day we post a small selling tip that will
help you develop the mindset for getting your home sold.
Tip for June 28th, 2017:
Back up offers: when and why.
You should be open to a back-up offer from other buyers if you have recently accepted a contract. This is not the case if it’s been several weeks since the offer was accepted and the closing is within sight. As time progresses and key contingencies with your current buyers have been met, the chance of the closing taking place grows considerably stronger.
Having a back-up offer gives you more confidence during the first buyers’ inspection phase. You can stand your ground and commit to reasonable buyer repair requests without giving in to every demand.
To encourage a back-up offer for those selling as a by-owner, let the second buyers know that the first offer isn’t totally firm and that you have had some interest from other buyers. If you negotiate a backup offer, you can be a little more demanding with the second buyers as far as price and contingencies go if you still have the first buyers under contract.
In the NEGOTIATE section we cover what you need to do in a backup buyer situation, plus give you tips that will get you your best deal.