What’s A Back-Up Offer?
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A property is not actually “sold” until a sale closes and title passes to another party. For this reason seelers will often see a “back-up” agreement in case the original offer falls through.
A back-up agreement is a complete sales contract that includes all terms and conditions but it has no effect if the first offer succeeds. However, if the first contract fails then the back-up agreement comes into play.
Because real estate agreements sometimes fail because of financing or inspection issues, a back-up contract often has value for owners, especially in tight markets.
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