A prospective buyer has options if the seller counters their offer to put them in a back-up status:
· Accept the seller’s offer to make this a back-up contract. This means that if the first contract falls through, the backup buyer has the primary contract on the property.
o If the buyer elects to do this, they will want to be sure they have an escape clause contingency to get out of the contract in the event they find another property they want to buy while they wait to hear about the primary contract.
o Buyers may want to know what the contingency is in the primary contract in order to decide whether or not the odds are very good that the primary contract will fall out.
o It’s important that the buyer understands that this is a contract from which they will need a release in order to go in another direction.
· Refuse the seller’s counteroffer to become a back-up contract, in which case, the buyer is free to make an offer on another property.
o Keep in mind, that when the seller countered the buyer’s offer, the buyer’s original offer was no longer valid.
Buying a house isn’t just about the property itself, it’s about finding a place to call home. Happy house hunting! #HomeBuyingTips #RealEstateAdvice
Today is a good day to get started, let’s embark on this exciting journey together. Reach out to Ashe County Realty today, and let our experienced team guide you through the real estate market. Whether it’s a cozy cabin in the mountains or a charming home in town, we will help you find the perfect place to call your own.
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