# Question RE: Backup Offer



## frogmammy (Dec 8, 2004)

I've kinda been watching (online) a house I was interested in on the other side of my state. Finally decided to have my daughter do a fly-by and see if it was worth me driving five hours to look at. THEN I saw in one website online that it had a "pending" banner on it.

I emailed the realtor asking if it was under contract and they replied that it was, BUT I could put in a backup offer on it. Wouldn't it be a little premature to put a backup offer on a house I have not seen (in the skin).? And wouldn't it be a little....umm EXTREME...to go and look when there's a contract on it?

Advice, please!

Mon


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## MDKatie (Dec 13, 2010)

Contracts often fall through. I'd still go see it, then you'd know if you want to put in a back up offer or not.


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## ChristieAcres (Apr 11, 2009)

frogmammy said:


> I've kinda been watching (online) a house I was interested in on the other side of my state. Finally decided to have my daughter do a fly-by and see if it was worth me driving five hours to look at. THEN I saw in one website online that it had a "pending" banner on it.
> 
> I emailed the realtor asking if it was under contract and they replied that it was, BUT I could put in a backup offer on it. Wouldn't it be a little premature to put a backup offer on a house I have not seen (in the skin).? And wouldn't it be a little....umm EXTREME...to go and look when there's a contract on it?
> 
> ...


As a Realtor, I would highly encourage you to put in a Backup Offer. What will you stand to lose? Earnest Money is tied to Contingencies and isn't deposited until/unless your Offer is Mutually Accepted. I have written up offers for Clients out of state, who hadn't seen the property in person. One of their contingencies was "neighborhood review." This gave them an additional "out," in addition to the rest. What you stand to gain? Possibly a great home!


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## billinwv (Sep 27, 2013)

Until you see it you're "putting the cart fore the horse".


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## po boy (Jul 12, 2010)

Go see it and if it's what you want do a backup offer.


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## ChristieAcres (Apr 11, 2009)

Funny thing? When Clients from out of state call me about great properties? I tell them all the same thing...

What does it cost you to make an offer? NOTHING! Your Earnest Money isn't deposited until Mutual Acceptance...

If you don't make an Offer, you won't get the property
If you do make the Offer, you have a choice when you get to see it...make it contingent. Then, if you change your mind, get your Earnest Money back, and what have you lost? Nothing.

I can tell you that more folks lose out on properties due to their "hesitation" to make an offer, back-up or not. This isn't a horse before the cart scenario.

Have you ever heard of a lottery winner, who didn't buy a ticket?


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## DAVID In Wisconsin (Dec 3, 2002)

Time to hop in the car and view this property! Then if you like what you see you can make an offer. I buy and sell real estate and see contracts fall apart all of the time. Good luck!


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## ChristieAcres (Apr 11, 2009)

Here is what happened to a cool cabin recently... Went on the market, so I sent it to a Client, who just "wanted to wait and drive by..." The cabin was under contract the SAME day. Had that Client listened to me? They could have made a "CONTINGENT" Offer, which is zero risk, and had it sealed up. Then, they could have gone out and seen it. If they didn't want it? Rescind. The way it worked out? The cabin was under priced $50K and someone else scored... I use the phrase, "You snooze, you lose." 

In a Buyer's Market, there is usually time for driving around... In a Seller's Market? If you aren't ready to make a fast offer, someone else gets the best deals. That is where the analogy comes from...you don't win a lottery without buying a ticket.


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## frogmammy (Dec 8, 2004)

Thank you to all who responded!

No, I did not put in a backup bid. While I liked the house, it was not a do or die thing. I am retired, I have time to choose, and I can live anywhere in the US, so this particular property, although it said "home" to me, did not grab me by the neck in a stranglehold. The weather is dicey right now, and it would be a 12 plus hour (round) trip to look at the place.

I did tell the Realtor that if the sale did NOT go through, I would appreciate her letting me know and I'd like to take a look.

Mon


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## DAVID In Wisconsin (Dec 3, 2002)

No need to rush. Keep your eyes open so when "the" one comes along you will know it and make your move. I never get too worried about buying a house in a rush. If was meant to be, you will end up with it. Good luck!


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