Backup Offers Are a Good Idea For Both Buyers and Sellers of a Home

Miami Herald, July 16, 2021–Lew Sichelman
In real estate, a house isn’t sold until the Fat Lady sings at the closing. Until then, the seller should keep their options open by accepting backup contracts. Likewise, a buyer whose bid for the property fell short should consider asking the seller to accept their offer as a backup.
Simply put, a backup contract is one that moves into the primary position if the first buyer does not close. Some agents disdain them, but others love them.