If you love a home that’s pending, you should put in a backup offer.
Sometimes you’ll come across a home you love, only to find out it’s “pending.” A pending property means that a buyer has written an offer, the seller has accepted it, and they’re currently undergoing the due diligence period. That means they’re getting inspections and appraisals, and finalizing their financing.
Whether you came across this house after it was pending or your first offer came in second place, I highly encourage you to put in a backup offer. If the first offer falls through, yours is right there waiting for the seller. A backup offer helps you avoid a multiple-offer situation because the seller could already have signed your offer saying that they’ll choose yours if the first one doesn’t go through. There isn’t much risk for you because if you find another property you like better in the meantime, you can simply withdraw your backup offer.
Backup offers put you in a very comfortable position. Just this week, 212 homes came back on the market after going pending, so there’s a good chance you could still have the opportunity to secure the house you love with a backup offer.
If you have any questions or concerns about pending properties or real estate in general, I can be reached via phone or email. I would love to help with whatever you need.