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Real Estate
Eileen Af. Day realtor
THE BACKUP OFFER
On Monday, you receive an offer to purchase your home. You are satisfied and sign the acceptance.
On Tuesday, another buyer offers to purchase the same property for a greater amount of money. The second buyer is willing to do anything to own your particular house and is willing to wait around in hopes that your first buyer’s transaction somehow falls through. What can you do?
In rare situations, it is possible to accept a backup offer on your property. You can accept an offer from the second buyer “subject to the nonperformance of the existing contract with the first buyer.” Of course the initial buyer has a firm contract with you, and will probably be the next owner. However, if anything goes wrong with that transaction, you can then obtain a release from number one to sell to number two, with the price and the trerms already agreed upon in your backup contract. You are in the enviable postiion of having both a belt and suspenders.
If there is anything we can do to help you in the field ofreal estate, please phone or drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, VA 22747. Phone: 675-3400. We’re here to help.
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