Seth Williams. REtipster does not provide legal advice. The information in this article can be impacted by many unique variables. Always consult with a qualified legal professional before taking action. Probably the most important tool I have in my offer-making arsenal consists of three pages :. The average boilerplate contract can be very confusing and complicated.
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Join BiggerPockets for free! Some are even hotter than they have ever been before! The reason? A low number of properties are being listed for sale while a high number of homebuyers are looking to buy—especially in light of historically low interest rates. And more buyers means more sellers are getting multiple offers for their properties.
How to Write a Counter Offer to the Purchase Offer
After renting in Los Angeles, CA , for eight years, Jessica Arana and her husband, Nathan Stubley, decided it was time to put their money toward a mortgage. Please log in to update your email preferences. Sign up with a valid email address to continue. The couple found a real estate agent and threw themselves into their search, familiarizing themselves with different neighborhoods and working out a budget to decide what homes they could afford. They clicked on hundreds of houses on Trulia and then hit the pavement.
A backup offer in real estate is a contract that a seller holds in reserve in case their executed deal falls through. Sellers have many reasons to consider other deals. The most common and obvious is that If the first falls through the seller has another to consider in reserve. Some other reasons include:. All these reasons make it very common for sellers to take backups.