There is no shortage of reporting on low home inventories and bidding wars across the country.
I’ve discussed this situation in our market here in North Atlanta as well.
When you find and fall in love with a home, it’s nothing short of nerve-wracking to hear that other homebuyers have also made offers – forcing you to compete.
Even worse is the call from your realtor telling you the sellers have accepted a different offer.
But don’t give up just yet. Have your agent find out if the sellers will accept a back-up offer. A back-up offer is a completely negotiated, signed and accepted contract that is in second position.
The first offer accepted will likely be contingent on many items; inspection, financing, appraisal.
If, for any reason, the first contract were to fall through, the back-up offer would automatically fall into first position. Not likely you say? We’ve had several buyers get the home they wanted from a back-up position.
Bidding wars bring out emotions. We’ve seen emotional buyers have second thoughts after winning the bid, only to back out as quickly as they jumped in. Financing issues aren’t uncommon and inspection items can cause people to have a change of heart.
Don’t let emotions drive you, but if you truly love the home you lost out on – have patience and submit a back-up offer.