Your agent should be able to get more information from the other agent that has the home listed that will enable you to make an informed decision.
For some being in a backup is OK if the property is a perfect fit and the buyer is willing to wait it out and take a chance.
Yes you would be wasting your time. In the past 5 years, I've never had a backup offer accepted that was submitted on a property listed as Active with Contigency or AWC. Talk to your agent, but I think you are wasting your time. Good luck.
PAUL WELDEN PLLC
Exclusive Buyer's Agent
Phantom Realty, Inc
This terminology is usually used in conjunction with an offer on a short sale. Often, only one offer is presented to the bank. Subsequent offers remain in a backup status, unless the bank ask to see more offers.
You could be wasting your time. However with many short sale offers fallilng through. Buyers often walk to another home that will close faster. However if the first offer walks, you could also be in the drivers seat. If you are not in a hurry, backup offers can be a good thing.
May I wish you the best.
Jeff Masich, Realtor
Arizona Homes and Land
Make a solid offer based on the comps and you should have no trouble securing a contract on a nice home.
Nelene Gibbs, Realtor, e-Pro
Just have your agent call and find out what that contingency is then you can make a decision based on that information.
Good luck, if it is a house you really want I hope you get a shot at it.
You really need to ask what the contingincy is before making an offer on a property that is contingent status. Back up simply means they are taking back up offers if teh current offer falls through, agaon you can ask what the comntingincies are and straight up ask what teh chances are it holds together.
good luck with your search