"Backup offers provide a chance for buyers to secure a home that's under contract, stepping in if the original buyer fails to complete the sale."
"A backup offer serves as a safety measure for sellers, ensuring they have a secondary buyer lined up should the initial sale fall through."
Backup offers are secondary offers made on homes already under contract, allowing prospective buyers a shot at buying the property if the original deal falls apart. Sellers may accept these offers to ensure a seamless transition should the initial buyer withdraw, whether due to financing issues or personal changes. If the seller accepts a backup offer, the new buyer can enter a backup contract, becoming legally bound to purchase the home if the first contract fails, while maintaining flexibility until that happens.
Read at Redfin | Real Estate Tips for Home Buying, Selling & More
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