Bluffing — or Not — About a Backup Buyer True or false: if a home Seller receives and accepts a more attractive backup offer from another Buyer (“Buyer #2”), they’ll tell Buyer #1 about it. Answer: false (usually). 2+ Birds in Hand In my experience, when the Seller has a more attractive backup offer already in hand,...Read More
Buyers Who Hear Footsteps (i.e., Backup Offers) “Offer accepted contingent on 3 weeks of due diligence by builder. Accepting back up offers now. All showings through listing agent.” –Agent Remarks, MLS Normally, “Contingent Upon: Other” on MLS means a property — typically a condo or townhome — is under contract, but that the Buyer is still reviewing...Read More
Negotiating 101 Here’s a thought: your negotiating leverage is only as good as your “or else.” As in, “if you don’t accept my last offer, I’m going to . . . ” Or, “if $3,000 towards your list of repairs isn’t sufficient, I’m going to . . .” Two Scenarios At one extreme, if your...Read More
“The King Deal is Dead, Long Live the King Deal!” As expectant high school seniors (and their anxious parents) know all too well this time of year, colleges have waiting lists. But so, too, does residential real estate. They’re called “backup offers.” First in Line Such offers are increasingly popular in a Seller’s market (Pssst!!...Read More
Inspection Contingency Leverage The main reason home Sellers love multiple offers is because it bumps their price — if not over asking, then usually pretty close. But there’s a secondary reason Sellers love multiple offers: it can result in the Buyer pulling their punches during the Inspection phase of the deal. Inspection Issues Once the...Read More
