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February 09, 2012 12:33 PM
The beauty of backup offers
The Wheel Estate Cam: Episode 15
February 09, 2012 12:33 PM
By Frank Borges LLosa
Episode 15: Real estate broker Frank LLosa, in this latest edition of The Wheel Estate Cam, says backup offers can be a win-win for buyers, sellers and agents.
These days, with so many pending transactions falling apart, backup offers can help to seal the deal. Backup offers may incentivize the buyer who made the first offer to be more aggressive and agreeable to terms in closing a sale, and they can also get other buyers' feet in the door in the event a previous sale fails to close.
Prospective buyers who place backup offers may even be able to grab a property on better terms than the initial offer, he noted.
"I know that clients love it when (listing agents) continue to market a property when it's under contract, because it's in their best interest," LLosa said. Comments are welcome below.
