Back-up Offers

Once a home is under contract, no one else on earth has the right to step in and take that deal away from the Buyer as long as the Buyer moves forward to closing. The Seller's Agent will eventually instruct MLS to show the property as having a change in status. They have a short period of days to report the change in status. It is common for Buyers to check their new home on-line and then become distressed because it continues to show as "active". The Seller has an absolute right to continue to show the house and to encourage people to bring offers. However, any offer that comes in is a "Back Up Offer". It just sits there and waits. The Back-Up Offer is in 2nd position, after the first contract. It doesn't matter if the Back-Up Offer is for more money and better terms, as long as the Buyer keeps moving forward, they get to buy the house. Period.

Where things get tricky is when the Buyer with the first contract is negotiating for repairs during the Option Period. A Seller with a Back-Up Offer is not going to be very motivated to negotiate good terms on the repairs.

A Seller has to tell you if they have a Back-Up Offer in place.....but, ONLY if asked directly.