Apr 15, 2021
Matt and Garrett discuss the backup offer, an overlooked opportunity in today’s marketplace that holds so much potential. Even when a property is listed as pending, the percentage of transactions that fall through is probably higher than you realize, and sellers often move to backup offers to secure a sale. Matt and Garrett discuss why sellers do not remark properties as active again, and having a backup offer in place can help you use this to your advantage. They discuss why you should still view properties that are under contract, how the backup offer can benefit both buyers and sellers, and how it can prove useful even if your buyer has lost out on a multiple offer.
In this marketplace, you can expect the unexpected. But today Matt and Garrett show us that even when things do not go as planned, there is still opportunity. The backup offer leaves as many potential options open as possible, lets you get creative with solutions, and puts your clients in a better position for success. So grab your beakers and enjoy as our hosts break down the facts and figures of this very fun topic!
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Episode Highlights:
- Backup offers and initial buyer search
- Looking at homes that are already under contract
- Percentage of transactions that end up going back on the marketplace is higher than you think
- Why people do not remark property as active
- Role of backup in multiple offer scenario
- Complete the full Buyer Process
- Stigma of putting home back on the market
- Earnest Money
Quotes:
“I’m seeing so much great potential over just taking that time to be in the backup position.”
“This is a ‘small percentage opportunity,’ but it is larger than it should be in this market.
“I’m hearing many stories of backup offers all of a sudden coming into play, and people getting the house that they really wanted, which is really exciting.”
“When we’re doing the initial buyer search, we always suggest...include the Under Contracts because it will give your buyers a perspective of what’s going on in the market.”
“Even if you are not seeing things fall out, they are. People just aren’t remarking the property as active for many reasons.”
“A lot of these properties that are under contract and going to backups, if you’re not a backup, you would never know.”
“My initial mindset was, ‘That one is not available,’ but that’s not true.”
“The amount of homes moving through the pipeline is very high. Inventory is very low.”
“So why not get a backup offer in place with a home your buyer really loves, and if it comes back to them, then they have the opportunity?”
“It allows you to kind of play that field a little bit.”
“There’s just so many opportunities around these backup offers right now that are just not being taken advantage of.”
“The damage of having to go back on the market and incur more days on market… A lot of people just see it come back on the market and go, ‘Oh, there must be something wrong with that home.’”
“I would much rather have a backup position for my seller than to have to go hit the marketplace again.”
“When things are moving really fast and big changes are happening, people will do things that you never thought they would do.”
“Expect the unexpected in this marketplace and prepare your buyers by looking for creative and unique opportunities to put them in a position to get something cool.”
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