2 Offer a fair price and attractive terms
You also need to offer attractive terms that make your offer stand out from the first offer and any other potential backup offers. For example, you can offer a higher earnest money deposit, a shorter closing time, fewer contingencies, or a rent-back option for the seller.
Is it worth putting in a backup offer on a house?
A backup offer puts you in line to make a home purchase if the first buyer backs out for common reasons, including property financing or home inspections. Backup offers can help avoid bidding wars. Having a backup offer in place can also help home buyers and sellers get an offer locked in even if the market changes.
Why would seller accept backup offers?
Accepting a backup offer as a seller
“Essentially, they are a built-in fall-back plan if the buyer in first position has an unappealing contingency, like the need to sell another property, or if they try to haggle, renegotiate or are not meeting deadlines,” says Severance.
Can you negotiate a backup offer?
How do I make a strong backup offer?
Make a strong offer
A backup offer letter is not the time to lowball or haggle. You want to make a strong offer that reflects the market value and your enthusiasm for the property. You can include a pre-approval letter from your lender, a large earnest money deposit, a flexible closing date, and minimal contingencies.
What is the most a landlord can increase rent?
Landlords cannot raise rent more than 10% total or 5% plus the percentage change in the cost of living – whichever is lower – over a 12-month period.