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A seller may accept backup offers so if the current buyer walks there is another purchaser ready to close the deal. By collecting backup offers, the seller avoids having to remarket the listing, show the home again or sift through numerous new offers, because backup buyers eagerly await the home on the sidelines.

Don't be shy about accepting as many additional offers as buyers are interested in submitting. Anything can happen: your primary deal falls through and your backup buyer finds another house. By accepting as many backups as buyers are willing to submit, you can pick the best from there.

A seller cannot accept another offer if the listing became in-contract. A home is in-contract after the buyer and the seller have signed the contract. The buyer needs to pay the downpayment at the time of signing.

A backup offer is simply a contract stating a buyer will purchase a home from a seller with agreed-upon terms if the primary contract is terminated. It is a written offer that is legal and binding.

Tips for Writing an AddendumEnforceable. Before you write an addendum, you should have an attorney verify it is the correct solution.Formatting. Use the same formatting as the original contract.Language.Title of the Addendum.Date.Specific List of Changes.Concluding Paragraph.Signature Block.More items...?13 July 2020

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The backup offer addendum includes many of the specifications of a primary offer, such as price and other conditions. Learn how and when to use TREC's 'Addendum for Back-Up Contract' form during your texas real estate transactions.Hint… look at the first sentence of the Addendum for Back Up Contract. This back-up contract is subject to the termination of a prior executed contract between Seller and a third party for the sale of the Property. Pending between Seller and another buyer ("the First Position Buyer") involving this Property. Upon signing and accepting this Back-Up Offer Addendum,. A backup contract is just that, a contract that is clearly subordinate to a prior contract. First, if the base Contract is a Far Bar then use the addendums intended for that Contract such as the Back up Addendum.

Addendum For Back Up Contract

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Why would a seller accept backup offers?

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