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What is a Back-Up Contract?

By Doug Francis

Back Up Real Estate Contract Strategy in low inventory markets

“When one door closes, another opens.” – Alexander Graham Bell

Breaking bad news to a client is the pits.

Imagine the call from the buyer’s agent saying, “after the home inspection or after reviewing the Homeowner’s Association disclosure docs, that the Buyer is declaring the contract Void.”

Then you have to call your client with the bad news. Hey, I’ve been on both sides of that phone call and it’s never easy.

It happens.


Home Sellers, like Buyers, can get caught up in the excitement of multiple offers and bidding wars. Who wouldn’t?

But accepting the highest priced offer can also be accepting the offer with the greatest risk of not going to Settlement.

Emotions run high, and this isn’t HGTV where things always work out.

Imagine that you are the buyer and this is YOUR money, and you know that you can pull the plug on the deal for many reasons.

It happens.


secure a Back-Up Contract right away

Home Sellers can eliminate much of the risk simply by designating the next best offer as the “Back-Up Contract”.

For example, the standard sales contract paperwork we use here in the Vienna real estate market includes an optional Addendum with Association approved clauses.

So, if the original contract becomes Void, then the Seller can send proper Notice to the Back-Up buyers which automatically makes their offer the Primary Ratified contract.

Ta-da!

In most cases, these buyers will be super excited and the Seller won’t have to go back to square one cleaning up their house and getting ready for an open house.


;


95% of home buyers never consider this stealth strategy

This strategy can help home buyers in low-inventory markets like we almost always have in sunny Northern Virginia.

When you are house hunting and making offers, there is nothing worse than coming in second. Runner-up. Silver Medal. Yes, the bridesmaid again!

The difficult truth is that a Seller can only sell their home once, and can anguish over selecting one choice over another.

In the event you are a runner-up on a home you really, really want, have your agent work to make your contract the back-up contract.

By positioning yourself and securing that role, you will have created an opportunity that 95% of home buyers never consider.

So, why haven’t they considered this strategy? Because their agent never suggested it.

Again, it’s a long shot and agents would rather sell you something else.

Across the country, real estate agents and home buyers are getting trained to follow only the newest listings, to see them quickly, and to submit offers before a deadline. It is exhausting and likely produces the same result.


Recommendation

My recommendation is to consider using the Back-Up Contract strategy, especially in low inventory markets.

When a home has inspired you to make an offer, keep your emotions in check and realize that being the bridesmaid may be a blessing in disguise.

Smart Real Estate.

Filed Under: Blog, Home Buyer Tips, Home Seller Tips, Living Here Tagged With: Home Buyer Tips, Home Seller Tips, Vienna Virginia

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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