BIC TIP #1326: Withdraw Your Backup Offer First
Backup offers are back in a big way. Stephen Long, your Notorious BIC, recommends them, but with one important warning for buyer agents.
Why Backup Offers Make Sense
- Many contracts are falling through during negotiations
- A backup position keeps your buyer in line for a home they love
- If the primary contract terminates, your buyer moves up immediately
The Two-Home Trap
If your buyer keeps shopping and finds another home, withdraw the backup offer first. The moment the primary contract terminates, your backup becomes the primary contract. If your buyer is already under contract on a different home, they could end up under contract on two homes at the same time.
The Practical Takeaway
Track every backup offer your buyers have out. Before writing a new offer or going under contract on another home, withdraw the backup in writing. Close the back door before opening a new one and you will be great.
This BIC Tip is general real estate education for licensees and consumers, not legal, tax, or financial advice. Rules and forms change, so verify current NCREC rules, MLS rules, and standard forms, and consult a North Carolina attorney or qualified professional about your specific situation. See Disclaimers & Disclosures.
