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I was outbid on a house and asked to be considered for backup. Two weeks have gone by and they are asking for changes to my initial offer. I'm now thinking I was to offer LESS than originally presented! Has anyone ever done this and had it accepted??
I've done several backup offers/contracts. You offer what you want on the home. The seller/agent will negotiate it to the best of their terms. If you agree, that's one thing. If you don't, then move on. Backup contracts may not ever materialize - make sure it has an end date to the backup offer/contract because in NC you cannot have an accepted offer on a different home when doing this. They are great for the seller because in case the first contract doesn't work out, they can continue to go forth (no severe down time to them in finding another buyer) to close the property. The backups are rarely the same price of the first offer imo and many are acceepted less than the first offer. The seller has great negotiating power in this position as well when dealing with the first contract. If the first contract asks for too much, they will be less inclined to make it work.
Did the original offer that was accepted fall through? I don't know about where you are, but here, negotiations don't occur on the backup offer until and unless the initial contract has fallen through. In which case, you should be informed that your offer is now in play.
But this is Texas, and you're in New Hampshire - your mileage (and customs) may most emphatically vary!
The first offer I made was on my "dream house" and was outbid. My backup was the same as my first offer and I decided that didn't want to make it less so that I didn't ruin my chances.
The second house was on a really really great house but I didn't love it as much as the first so I offered less and was outbid. (I also used comps.)
My heart was on house #1. Seller for house #2 asked us to raise our backup offer by a lot. We had since learned something about the neighborhood that made it less valuable to us (some consturction that would destroy neighboring wooded area). So we wanted to offer less than our initial offer and decided to just decline.
Yesterday house #1 buyer fell through and I AM NOW UNDER CONTRACT!!!!! I know a lot can go wrong still but I have high hopes. Please wish me luck!!!!!!!
You're lucky man! I am having a withdrawal on a "dream" property that is very unique and has huge potential (personally, of course). The bank chose the other offer and our is backup. Both offers do not have any contingencies as it's cash-only so I guess we've really lost it. We even offered to close really quick w/in 3 days, no loan, no inspection. And the listing agent is not providing much information about the other party either. Man, timing and luck is really everything
Last Spring, I saw a condo listed at 61,900. All of a sudden it was reduced to 31,900. I offered 25K; cash. They wouldn't even respond, even though we were very persistent. We were then notified it was going to the REDC Auction. Knowing that they are very fraudulent, I didn't bid. They didn't sell it, then it went to the "online only" auction. It didn't sell again. Then they call. I submit
21,500 and they counter with 23,900. Meanwhile I closed on my other place. I gave them a final offer with a strict response time (3 days) and said now or never 22K. They accepted. I love the place. What's funny is that my new neighbor wanted to buy this place for 25,900 and his idiot realtor wouldn't even make the offer--he said "NO WAY." So now "Mike" ended up paying 19,000 for a place next door that is half the size as mine, and everytime he walks by my place he must be reminded of what a ____head his agent was. I'm enjoying my set of Whirlpool appliances that I got with my last minute savings.
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may most emphatically vary!
