The art of home-sale backup offers

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

It's no fun to be told that you are second best. But in some situations, being in second position can pay off. For example, you could bid on a house and lose out to another buyer who offered a higher price or better terms. If you accept a counteroffer from the seller for first backup position, and the first buyer withdraws, you could end up being the lucky buyer after all. This happens fairly often, particularly in hot real estate markets when buyers make hasty decisions under the pressure of a multiple-offer bidding contest. Some backup buyers put themselves through an emotional wringer while they wait to find out if the first deal fails. If you do accept backup position, try to detach yourself from the process and adopt a philosophical attitude. If it's meant to be, it will happen. HOUSE HUNTING TIP: Don't sit back and wait until the first deal either fails or closes. You could lose precious time by doing so. You should continue to look at any new listings that might work for yo...