So you lost the home of your dreams to someone else. You may never know why. Maybe they offered more money or their terms were slightly better than yours. But it's not all bad news; in fact, there may be a silver lining here. You can ask the seller to accept your offer as a backup offer. It costs you nothing. You don't have to put out any money, yet you are in line to get the property if the current buyer falls out. Plus, sellers love backup offers because it puts pressure on the accepted offeree to close the deal quickly, knowing that there is another buyer standing in the wings hoping to take center stage.
I have won big in backup situations where there has already been an inspection and the house falls out because there are problems that the buyer can't handle. Or simply because the buyer was not able to get his loan. In this situation, I have the advantage of jumping in to save the day when the seller is now frustrated and just wants to sell and get out. It puts me in aRead More »from Four Backup Offer Must-Haves