The Real Estate Encyclopedia
How Should I Decide Whether To Make A Back-up Offer?
Category - Home Buying Questions - Search & Offer FAQ's

Back-up offers are typically made in competitive markets where several buyers may show interest in the same property.  Because there is always a chance that the first buyer may run into problems obtaining approval for his/her loan, if you are very interested in a particular home, it might be advisable to consider making a back-up offer. 


While your back-up offer is on the table, you should refrain from making an offer on any other home.  Therefore, your back-up offer should include a date and time when the offer expires.  Whether you consider a back-up offer will be driven by 1) your interest in the particular property and  2) the amount of time you are willing to wait before moving on to the next property. 

Home Buying Questions - Search & Offer FAQ's
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