backup offers

[Sam Leon]

Do anyone here have any experience on submitting backup offers to short sales?

What is the success rate?

I have a number of properties that I am interested that went into pending on day one, or before I can arrange a visit.

My agent suggest I submit back up offers site unseen just in case some of them fall through.

My thought is most of those will not fall through very likely those are buyers with inside track and a backup offer is a waste of time.

Thoughts?

[Joffrey Long]

Not submitting back-up offers on properties you're interested in, is, in my opinion, saying you're 100% sure all those first offers submitted will close.

I would not want to make that bet.

Plus - sometimes your back-up offer causes a seller to get tougher with buyer # 1, resulting in faster cancellation of deal # 1.

Back up offers are what I call "low hanging fruit."

Joffrey