Is there such a thing as entering a backup offer if the contract now does not go through?

Asked by T.ramsey, Alcoa, TN Wed Feb 27, 2013

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Natalie Hawk…, Home Buyer, Maryville, TN
Wed Feb 27, 2013
Yes, if the primary contract falls apart a backup can be considered. There are pros and cons on working directly with the listing agent.

Call me @ 548-1604 if you have any questions or need help.
1 vote
We are currently in this situation, we will certainly be giving you a call. Thanks
Flag Wed Feb 27, 2013
Randy Raley, Agent, Knoxville, TN
Thu Mar 28, 2013
I put in several back up offers over the years and yes sometimes they work out but most the time my experience is they do not. However, on bank foreclosures especially I find the banks will consider a back up only if the first offer falls through. To me it makes since for most buyers I work with as they will want to keep looking and not tie up their ability to make a clean offer with a seller that has taken an offer and expecting to close. But hey you never know and most likely it would be easy enough to get a second offer released if you were to find better house to buy.
0 votes
Elizabeth"Be…, Agent, Maryville, TN
Thu Feb 28, 2013
Mr. Ramsey: There are a lot of people that, when they find a home they really like and find out that there is already an offer on it, will go ahead and put in a back up offer. You never know if that first offer will be able to be financed so some of them do fall out.

Regarding using the listing agent - it just depends on how you feel. Some people do use the listing agent and some use their own "buyer's agent" because they feel that the agent is then working for them exclusively.

Betty Clark, Broker
Realty Executives Associates
Cell: 865-556-0364
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