what does status active back up mean?

Asked by Dlwtlh1011, Granger, IN Mon Aug 1, 2011

i am looking at a house that is in foreclosure and the listing states "status active (back up)" what does this mean?

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3
Dawn Ohnstad, Agent, Wayzata, MN
Mon Aug 1, 2011
This means that there is a Pending offer on the table for this property and that the seller and their agent have agreed to pursue back-up offers. A back up offer cannot "bump" the original offer (even if it is higher) unless the terms of the original purchase agreement are not met by the buyer which will essentially nullify the agreement. . For example, there are specified deadlines for inspection responses etc and if the buyer lets one of these deadlines expire, then the backup offer could be accepted by the seller. In Minnesota, the seller does not have to notify the first party of the backup. Backups usually work more to the benefit of the seller to hold the first offering party in check during the inspection (keeping negotiation pressure on the buyer not to ask for concessions as a result of the inspection). However, if you really love the house, and you think it was priced right, I would always submit a backup as I have seen them come to fruition. Only do it if you have a realistic expectation about the outcome. Good luck!
Web Reference:  http://www.ohnstadhomes.com
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Tim Moore, Agent, Kitty Hawk, NC
Mon Aug 1, 2011
I doubt it is "IN" foreclosure. It might have "Been" foreclosed or near foreclosure, but not in it. Each MLS system decides how to use certain terms in their system. We don't use the term active back up but I would have to guess it means there is an offer on the property, but it is still being listed for sale and accepting back up offers that could be used if the primary offer falls through.
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Aug 1, 2011
It should mean that they have an OFFER that they have accepted, and they want to get BACK-UP offers in case it falls through.
It could also mean that the OFFER is not very good.

This is up to you; it is bad enough waiting for an offer to be accepted, but a Back-Up is even worse.

This would be up to you.

Good luck and may God bless
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