Doby Sells Homes

Just because there is already a contract ongoing on a home you are interested in, does not mean you have lost the home. Sometimes a transaction will fall through and in comes a backup offer. A backup offer is made in acknowledgment of an existing offer and ensures a contract with the seller if that first offer falls through. It’s a legally binding contract that, if accepted by the seller, will put you next in line to purchase the home should the first buyer back out. If the original transaction goes through, you would then be released from the contract. Should you no longer be interested in the home, you can rescind your backup offer.

A conventional home sale can often be a smoother transaction than a non conventional sale however they take longer as the buying process has more elements to it. As a seller this type of sale may result in fair market value or more as a home will be in move in ready condition since conventional sales generally include appraisals and inspections which is just as beneficial to the buyer.