Always Pursue a Backup Offer
As a buyer, If you make an offer to purchase a property and don’t get it – always try to negotiate a backup offer.
This is an offer that’s negotiated right after another buyer has gotten the property under contract with the seller. Even though it’s a bit of a long shot it’s worth pursuing for a few reasons.
First, Buyers in a competitive market are more likely to overstep their capabilities and write a risky offer.
Second, Sellers who have their house under contract already are often willing to negotiate looser terms. If the first offer fails and you’re in position, you’re automatically under contract. Possibly even with better terms than you’d have had otherwise.
So, if you submit an offer that isn’t accepted in first position have your buyer agent pursue a backup position. Something good could happen.