The beauty of backup offers

Loan:

State:

Property:

Credit:

Episode 15: Real estate broker Frank LLosa, in this latest edition of The Wheel Estate Cam, says backup offers can be a win-win for buyers, sellers and agents.

These days, with so many pending transactions falling apart, backup offers can help to seal the deal. Backup offers may incentivize the buyer who made the first offer to be more aggressive and agreeable to terms in closing a sale, and they can also get other buyers' feet in the door in the event a previous sale fails to close.

Prospective buyers who place backup offers may even be able to grab a property on better terms than the initial offer, he noted.

"I know that clients love it when (listing agents) continue to market a property when it's under contract, because it's in their best interest," LLosa said. Comments are welcome below.

Watch past episodes of the Wheel Estate Cam.

***

What's your opinion? Leave your comments below or send a letter to the editor.

Other Recent News from the Real Estate News Category:

• A role for agents in mortgage matters

• Don't buy Fannie-Freddie 'Big Lie'

• Gulf Coast agents report spill impacts

• Mortgage rates go lower

• Real estate's smart phone pick: the iPhone

• Top 20 metros at risk of price declines

• Judge grants class-action status to Century 21 lawsuit

• Buyers who won't buy, sellers who won't sell

• Agents, be the source of community information

• A VOW for real estate change

• Little demand for purchase loans

• Renters in no hurry to buy

• 4 tips to win more listings

• 5 tips for choosing a neighborhood

• Closing costs approach 2%

• 7 ways to increase your Twitter followers

RSS Feeds I Sitemap

All information provided "as is" for informational purposes only, not intended for mortgage/real estate/mortgage rate purposes or advice. Neither RateTake.com nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance upon information contained herein.