21 replies to this topic

[LJ]

Why don't they take back up offers like they do in the US? They stay in effect until all the conditions are removed on the first offer.

[MarkoJ]

Why don't they take back up offers like they do in the US? They stay in effect until all the conditions are removed on the first offer.

 

We do back-up offers here too; however, they are not a slam dunk like they use to be in previous years.  Too many crazy scenarios in this market this year that sometimes it just doesn't make sense to take a back-up.

 

For example, you are a seller asking $899,900 and you get 10 offers.  The top offer is $1,150,000 and the second best offer is $1,050,000.  You accept $1,150,000 with conditions for 5 days. Do you take $1,050,000 as a back-up even though your accepted is $1,150,000 and the market is in an upward trajectory?

 

Also, what if the $1,150,000 needs a one day extension but you've signed a back-up already?

 

Sometimes it makes perfect sense to accept a back-up (for example, you get a back-up that is higher in price than the first accepted offer).