Whether you’re looking at a luxury home in Aspen, a ranch in Basalt, or a condo in Snowmass that already has an offer, you may want to consider asking your Aspen Realtor® whether it’s a good idea to submit a backup offer.
What is a Backup Offer?
Searching for a new home has the potential to be incredibly frustrating, and there’s nothing worse than finding your dream home and then realizing that someone else has already had an offer accepted and the owner has taken it off the market. However, that doesn’t mean all hope is lost. In fact, you should still consider putting in an offer even though the house is sale-pending or under-contract.
Putting in a house on an under-contract home is known as a backup offer. With any luck, this kind of offer could still see you eventually end up buying the house. Should the original sale fall through for any reason—whether it’s because the buyer decides to back out or fails to obtain funding—the backup offer could ensure that you’re the next in line.
Is a Backup Offer Legally Binding?
Although your backup offer will technically be binding—meaning you’ll be obligated to buy the house should the original sale not go through—you can insert wording into the offer so that it is only valid for a specific amount of time, such as 30 days. This way you won’t suddenly be on the hook six months later should the sale fall through.
Of course, there is no guarantee that your backup offer will be successful. Nonetheless, if you have your heart set on a certain house, it is well worth putting one in just in case.
Are You Buying a Home in Aspen or the Surrounding Communities?
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