Are you out of luck? Should you move on from this house, or is there still a chance that it could be yours?
Under contract means that another buyer has submitted a contract offer and the seller has accepted. But there is no guarantee that the sale will go through. Home purchases fall through all the time for all sorts of reasons. So, it can’t hurt for you to capitalize on a broken deal and be next in line for the home of your dreams.
This is where a back-up offer comes into play.
What is a back-up offer?
A back-up offer allows you to submit an offer at a locked in rate (this is important, as the market is rising quickly!). If the sellers accept your back-up offer, you have essentially secured the next spot in line if the current contract were to fall through. Sellers love having a back-up offer in hand because it will save them the time and trouble of putting their home back on the market.
What are the perks of submitting a back-up offer?
- If the first contract falls through, then you are automatically under contract on the home.
- You have a locked in a price, even if the market continues to rise.
- You are protected from the seller entertaining offers from other potential buyers.
- You are not obligated to buy the home, and can continue to explore other possibilities while waiting.
Bottom line, just because the home you’ve had your eye on is under contract, it doesn’t mean that all hope is lost. There are other tricks your agent has up their sleeve that could still get you in to the home of your dreams. If you are interested in learning more, contact your local Wisdom Real Estate agent today to see how we can make your dreams a reality.