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Buying Your Home and BackUp Offers

Logo_webAs a potential home buyer, you may have started to wonder how and when you are going to find your perfect home… The home that calls your name and makes you feel like you could never leave.

Or perhaps you’ve adjusted your mindset and determined that you don’t need “everything” on your want/need list for your new home. In areas with tight inventory like San Diego, you may be having a hard time finding your home because of the limited options available to you. As such, you may be considering writing a backup offer for the home(s) you are considering.

A backup offer is an agreement you make with the home seller after they have accepted another offer by a different buyer. A backup offer places you second in line for the property.

If the first offer contains any contingencies requiring the sale of another home, securing financing, or completing a home inspection, then there is a chance the buyer may cancel their escrow. Your offer would then be revisited by the Seller and you would have the opportunity to purchase the home (assuming you are in “First Position.”)

In this housing market with inventory at all time lows, finding your new home can be difficult. Choosing to submit a a backup offer may allow you to secure your dream home.  Contact us to see how we can help you “win” the home of your dreams. 🙂

All my best,

Marci Pruett

(858) 531-1119 or marci@pruettgroup.com

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