What's That? (The Secondary Offer)

You want to see a property but your agent tells you it already has an offer. You take that off your list of properties to see. But did you know you can write an offer "in secondary"?

Why Are There Secondary Offers?

If there is more than one interested party a seller has to commit to just one buyer but there are a lot of reasons a buyer might not complete the purchase and the smart seller wants a backup offer in case that happens. The smart buyer wants to put themselves in secondary position.

What Are the Commitments In A Secondary Offer?

The seller commits to price and terms should the backup offer become the primary offer. This is true even if the seller gets another offer for more money!

On the other hand, the backup buyer can cancel their backup offer after the amount of time of their choosing with a simple written notice.

It is a no-lose situation for the backup buyer.

Is There A Downside?

Your agent might advise you against placing yourself in a secondary position. They will tell you that your offer only exists to give the seller leverage against the primary buyer and it prevents you from continuing your home search.

Your agent is correct....but only sometimes. Lately, deals are falling apart A LOT.

Transactions fall apart for a wide range of reasons and it is always better to be the secure backup buyer than to compete with the horde of other buyers if the deal falls apart.

The only reason to turn down the opportunity is if you need are in a hurry move on to something else.

How Do I Make A Secondary Offer?

It's easy. Step one is to pick an experienced, local agent to draft your offer placing you in secondary position. Obviously, I think you should call me! I'll explain all of the reasons deals "fall apart" and find out if submitting a secondary offer on the house you are considering is a smart move.