WebJan 9, 2013 · First, a Back-Up Offer contains specific language saying that the offer, once accepted by the seller, is in back-up position and, if the first contract fails for any reason, the seller and buyer agree that this back-up contract shall move into first position. WebThis Contract is first backup to another contract or offer dated between Seller and as the buyer. The Contract shall become the primary contract immediately upon Delivery of Notice from Seller that the other contract or offer is void along with a …
What you should know about backup real estate offers - Inman
WebIf you are going to put in a backup offer, it should be an offer that makes the seller swoon. A backup offer is an offer a buyer submits even though a property is already under contract with another buyer. If the buyer with the contract in first position terminates the contract then the backup offer would go into effect. WebDec 1, 2024 · It’s when the Seller is under contract with their first choice Buyer but also has an offer in Second Position. The second position offer is called a back up offer. If the offer in first position is terminated then the offer in second position activates and moves forward with their transaction without the home going back on the market. north moor farm keadby
What is a backup offer in real estate? The Real Estate …
WebFeb 2, 2024 · A Backup offer is the same Contract to Buy and Sell used in your original offer, with verbiage added to state that all parties understand that there is another … WebJun 24, 2024 · Some might argue that a backup only serves to keep the first position offer in place. Granted, the primary buyer may be more watchful of timeframes knowing a … northmoor gin