"Accepting Backups"
Here’s How to Think About It
When scrolling through Zillow or other real estate platforms, you might see homes marked as "accepting backups." At first glance, this can feel like a great opportunity—maybe the current deal isn't solid, and there's a chance for you to still secure the home. But what does "accepting backups" actually mean, and how should you really approach these listings?
Let’s break it down so you can make informed decisions without getting caught up in false hopes.
What Does "Accepting Backups" Mean?
When a home is labeled "accepting backups," it means that the seller has already accepted an offer, and the home is under contract. The current buyer and seller are working through steps like inspections, financing, and closing details. While the seller is open to considering a backup offer, it’s essentially a contingency plan for them in case the original deal falls through.
However, the majority of homes that reach this stage do make it all the way to closing. The odds of the first deal falling apart are slim, so while the seller is keeping the door slightly ajar, the chances that you’ll end up with the home are relatively low.
Why You Shouldn’t Get Too Invested in Backup Offers
Here’s why it’s important to manage expectations when it comes to properties marked as "accepting backups":
- The First Deal Usually Sticks: Once a home is under contract, the buyer and seller are both invested in making the deal work. While things like financing issues or home inspection problems can cause deals to fall through, these situations are rare. Banking on a backup offer can lead to frustration, especially when the original deal moves forward smoothly.
- Focus on What’s Within Reach: Your time, energy, and emotions are better spent on properties that are still available. Actively listed homes give you a clear path to negotiation and a real chance at securing your dream home. Plus, by working with a well-connected real estate advisor, you can also tap into off-market opportunities—homes that aren’t publicly listed but may be available through the agent’s network. This access can give you an edge in finding homes that others may not see, ultimately increasing your chances of securing the right property without waiting on a deal to fall apart.
- Backup Offers Are a Long Shot: While submitting a backup offer is technically possible, it’s not always the best use of your resources. The reality is that most backup offers never come into play. If you love a home that’s under contract, you can certainly submit a backup, but it’s important to recognize that this isn’t a guarantee—and shouldn’t be where you invest most of your focus.
How a Trusted Real Estate Advisor Can Help
Navigating the complexities of backup offers and competitive markets can be challenging. That’s why having a trusted real estate advisor on your side is essential.
Here’s how we can help:
- Focus on Real Opportunities: We steer you toward homes that are still available and give you the best chance to secure a deal.
- Offer Strategic Guidance: We’ll help you decide when, if ever, submitting a backup offer makes sense and when it’s better to focus elsewhere.
- Access to Off-Market Listings: With our network, we can introduce you to off-market properties that aren’t listed publicly, increasing your chances of finding the right home.
In Conclusion: What’s the Best Approach?
While homes marked as "accepting backups" may seem like a tempting opportunity, it’s essential to keep your expectations in check. The chances of securing one of these homes are slim, and your time is better spent focusing on active listings or off-market properties that are truly available.
If you’re ready to start your home search or want to explore the best options, reach out today. We’re here to guide you through the process and ensure you’re focusing on homes that are within reach.
