AUSTIN, TX. – Over the last 12 months, the Austin Texas Real Estate market has been very competitive and difficult for some people to purchase homes.
With inventory tight, it’s not uncommon for a buyer to miss the opportunity to submit an offer on a home because once they are ready to submit the offer, they learn that the home has already been sold to someone else, thankfully, home buyers can give themselves an advantage submitting backup offers.
Backup Offer Explained
The home is already under contract with Buyer 1, but Buyer 2 submits a contract to the seller, and the seller can add a backup addendum. When the seller signs the backup contract, it means that if Buyer 1 should cancel their contract for any reason, Buyer 2 is automatically under contract to buy the home.
Multiple backup offers are rare but are possible as well. The order that the seller signs these contracts would be the order to which they are entitled to buy the home. Later offers would, of course, most often be at higher prices. This would entice the seller to sign a backup offer instead of putting the home back on the market if the first sale failed.
Before Including A Backup Offer, Do This
Although a backup offer can be a great way to purchase the Austin Texas Home that you’ve been dreaming about you should first confirm that the home is a property you really want because if your backup offer is activated you will be under contract to purchase that home
Search For Homes In Austin Texas
To learn more about backup offers, or to search for homes in Austin Texas, contact the Kent Redding Group today by calling us at (512) 306-1001 or click here to connect with us online.