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  • Questions that Salt Lake Home Buyers Always Ask (#6)

    Posted on January 7th, 2011 admin No comments

    I don’t want to write a back-up offer. Won’t the listing agent call if the first offer falls through.

    Don’t count on the listing agent doing what you (the buyer) want them to do.  They often “forget” to make that call.
    If the home attracted multiple offers the first time, it may very well do so again.  If you have a backup offer in place and the first offer fails, then the sale immediately reverts to you with all the normal due-diligence time periods.
    A properly written backup offer is pretty much risk free.  The earnest money check is not even cashed until the seller notifies you in writing that your are in first position.
    However, if you can really live without this house and can risk a divorce action over the loss then yes, the best negotiation is to play it cool.  But have your agent “tag” the listing on the MLS system so that they are automatically notified when the sale fails.

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