There Is A Certain Truth To Back Up Offers... Episode 300

There Is A Certain Truth To Back Up Offers... ...and savvy sellers taking full advantage of this under utilized tool there are times when the highest offer isn't necessarily the best and to hedge against that we are noticing sellers signing backup offers that have a little less money in them but a lot more certaintly that they will close and there is a way to structure the 1st contract to make it possible to move to the backup offer below we can examine 3 scenarios: 1 - let's suppose that the buyer makes an offer that appears to be a cash purchase they check the box that says cash with no financing contingency that doesn't mean that they buyer cannot apply for financing it just means that they do not have any protection if their loan isn't approved 2 - some buyers will attempt to tie up a property with a lengthy inspection period maybe the haven't been in the property yet or perhaps their goal is a 2nd price negotiation during the inspections 3 - some buyers need to sell their home in order to make the purchase work in each of these cases, smart sellers are using a 72 hour kickout clause it doesn't mean the seller can unitaterally kick out a buyers contract but it does give them the opportunity to inform the 1st buyer that they have a different offer that is acceptable to them and if the buyer wants to stay in the deal they are going to have to remove some contingencies that are holding things up and this gives the seller an ability to have some control of closing their sale on time tune into todays show as we expand on how all of this works

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