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.

Skipped Conditions
#21
Posted 26 June 2016 - 07:51 PM
#22
Posted 27 June 2016 - 10:40 PM
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).
Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty
www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist
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