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How does a backup offer effect the existing buyer seller relationship?
Hi kids. I'm writing because I put in an offer on a house and it was accepted. We signed the papers and now are in the option period. We are going out to do inspections tomorrow, when I get an email from my agent stating that the seller's agent has informed her that they have accepted a back up offer. Of course, this makes me nervous... because it doesn't take much! ha! So I am just wondering what this means for us. I know the seller can't take the offer unless ours falls through, but how can this potentially effect the negotations for repairs and whatnot that we are about to go through during the option period? Is this a sign of agression on the seller's part, or can you not blame them for covering their bases? Just looking to be more informed. Thanks.
3 Answers
- Anonymous1 decade agoFavorite Answer
It does definately give the seller the upper hand in negotiating repairs if the other offer states that they won't request credit or replacement, but I wouldn't worry. You'll be ok. I used to take back up offers all the time, but very rarely did the first one fall through. Good luck!!
- Anonymous1 decade ago
It certainly places the seller in a stronger position, knowing if you "cause too much trouble", he's got another buyer in his back pocket.
I think if you proceed with the contract requirements (inspection, appraisal etc.) as called for in the contract and handle problems realistically without causing the seller to look in his back pocket for an excuse to cancel the contract, you should be ok.
Just remember, if the seller does not want to fix anything, you can get out of the contract, but the seller can't if you waive the request for repairs.
Good luck!
Source(s): RE Broker - godgedLv 71 decade ago
A back-up offer weakens your position for repairs or other concessions that may be identified in the inspections.
However, if all comes out OK in the inspection, or if there are minor things you can deal with, it will be smooth sailing.
Good luck!
Source(s): Oregon Realtor