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what does looking for back up mean

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February 10 2010 - Whittier
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This is most often seen with short sales.  Because banks take so long to respond and frequently will only look at one offer at a time, sellers agents may take one or more backup offers.  Depending on the bank, if the first offer falls through (due to the bank not accepting it or the buyer backing out) you might automattically be the next one submitted, or they might collect multiple backup offers, and then if the first one falls through they will submitt the highest of the backup offers they have collected.  

There are a number of people looking to claim the tax credit that might pull their offers on short sales if it does not look like it will close in time to qualify for the credit. 

I would ask your agent to find out how it works on this home and if they are accepting multiple backup offers or only one.  As long as you remember to cancel your offer if another offer gets accepted, it does not hurt to submit offers on multiple short sale properties in hopes of getting one of them to be accepted.

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February 11 2010
Ah, yes... The old Real Estate Lingo...

If the question is in the context of a seller selling their home.

And the (You) the Buyer is making an offer.

The seller has received an offer.

They are willing to accept a back-up offer.

Meaning the back-up offer (You) would be #2. 

If 1st offer falls through then you become number #1 offer.


Hope this helps!

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February 11 2010
It gives the seller an upperhand so to speak. However, if you are the backup offer, don't stop looking!
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February 10 2010
If this is in regards to offers, it would mean the sellers already have an offer but are looking for additional or back up offer should the first offer fall apart (which can happen for a variety of reasons).
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February 10 2010
 
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