Question:
“There’s a home next door to some friends that my wife and I just missed out on. Now our friend tells us he heard the sale is cancelling. So our agent called the seller’s agent saying we’ll raise our offer $10,000 over the asking price, but was told they had an accepted backup offer and were going with that.
“How does that work? Can we still outbid it?”
Answer:
A signed and accepted backup offer automatically becomes the “primary” accepted offer if the first accepted offer cancels.
So even if you offered $1 million over the asking price, they already have a signed contract and can only accept your offer as a backup to that one.
