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  • #1

    Back up offer

    Hi all,

    i have been looking at a property for sometime.
    a month ago I was going to put in an offer and the agent advised there was another offer in and I should sign a multi offer form.
    i don't like bidding up property and I didn't want it unless the price was right so I told the agent to contact me if it fell through.

    now the contract is going to fall through in 3 days and I have spoken to the agent who says my buying range which a month ago would never be accepted and that he would buy it himself for that price is now highly likely.

    He wants me to sign a back up offer?

    so my question is would you sign a back up offer or wait 3 days and if it falls through and there are no others offers put a low ball offer in? A month ago it had tenants and now it's vacant so there may be some motivation to sell ASAP.

    is there a benefit to me to sign a back up offer or is the agent just trying to save face with the vendor?


    Thank you
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  • #2
    What area is the property in?
    I would wait for the current offer to expire then put your offer in. Sounds like the agent is playing games with you.
    Hopefully you've done your numbers and have a price in mind? If you start well below this you've got plenty of room to move, should that be neccessary.

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    • #3
      If it is only 3 days then you might just wait and put it an offer after it is fall through, at least you know you are in back up situation, however, if the property is really good and you don't want to miss it ( in case someone else is also interested), you can put in an offer now and just take your time to negotiate until the previous offer expired ( then cross off backup condition at that time), in this way, you will at least get notified ( for mufti-offer situation again) if someone else has put an offer within these 3 days period. Good luck!

      Comment

      • #4
        Originally posted by Momo View Post
        If it is only 3 days then you might just wait and put it an offer after it is fall through, at least you know you are in back up situation, however, if the property is really good and you don't want to miss it ( in case someone else is also interested), you can put in an offer now and just take your time to negotiate until the previous offer expired ( then cross off backup condition at that time), in this way, you will at least get notified ( for mufti-offer situation again) if someone else has put an offer within these 3 days period. Good luck!
        I guess my thinking is if the agent tells the prospective buyers that there is now a back up offer they may stop dragging there feet and finalize the sale.
        As mentioned the property is a good one with development potential but only if the price is right.
        Is a back up offer legally binding? Is it an offer or a contract?

        I am going to wait it out and put an offer in after this one falls through.

        Cheers

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        • #5
          I'd wait the 3 days

          Comment

          • #6
            Hi Wayne,

            How did you go about it?
            What happened after 3 days?

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