09/27/2021
Let's say the house of your dreams is pending, but the seller is taking back up offers. This is a very possible scenario in the seller's market that we're in today.
So the question of the day is, should I submit a backup offer?
You can either take your losses and hope to find another home that fits your criteria, or you can take a chance and be next up in line if the pending offer falls through.
You should only submit a backup offer if
-You're serious about the house and want to close on it
-Have talked to your realtor and understand the conditions of the offer (putting a deposit down)
-Are flexible with the timeline of purchasing a home
-Willing to let other homes go since you have an offer on this home
The good thing is, if the pending offer ends up closing you will get any deposit you put in back, and be released from the offer.
It may be the right choice for you, and something to consider if you are in love with the home!