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Back up offers?

Posted by Lydia Terry on September 30, 2011 at 8:17am in Short Sale Discussions
I was reviewing our pipeline, and I realized the majority of our closings were on back up offers.  So many people don't want to look at homes that have an offer pending, but I wonder if that might be the wrong way to look at things.  Is anyone else finding that one of your back up offers is usually the final buyer?

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Replies

  • Jeff Payne October 1, 2011 at 3:15am
    I just took a look, 80% of our buyers who made the first offer end up with the house.  The rest are the second buyer with a rare few that go beyond 2nd buyer
    • William F Griffin Jr > Jeff Payne October 1, 2011 at 4:37am
      If it is our short sale and our buyer we will get it closed.    We have a problem with other agents and their buyers.
  • Kimberley Kelly October 1, 2011 at 2:31am
    I often close with the first buyers, but always accept back ups..just to be sure.  I do not open Escrow with deposits and home inspections.  If they are not motivated to buy THAT property, let them walk.  If they REALLY want it, they stay in the game..
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