Found 1 blog entry tagged as backup offer.

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…

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