Back Up Offers - Good or Bad?
Recently, I felt exploited. I often feel that way when delivering an offer as a back-up on a 
property that recently received another offer.
I was told by the listing agent that nothing was signed yet, and that there was a window of opportunity for my buyers because the original buyers were "behaving badly." The inspection report was excellent except for one thing that they wanted repaired - on a home that was being sold "AS IS." They also demanded many other things unrelated to the inspection report. So, sure, bring us that offer - we'd love to see it and kick these unruly kids out of the running. So I diligently wrote an offer with my buyers - an excellent one - but we knew it was not a sure thing.. When all was said and done, looked at and discussed, we lost out. The sellers were a relocation company that now had leverage - our offer - with which to turn the hand of Buyers #1. Those buyers complied by removing all their demands and got the house. This is understood by all parties - we knew we didn't have a lock on the house by presenting our offer. But I wonder if by handing it to them, are we cutting our own throats? It's a real dilemma for buyers who are in this position. Do they write an offer and chance losing it because of the very fact that they wrote it? Do they hold back and see if the first contract falls apart on its own, but then never know for sure because they had done nothing? I'm not blaming anyone - in fact, I like to get back-up offers for my listings for that exact reason. The presence of a second offer shifts the weight of strength from the buyer to the seller's side. It's a sticky wicket for sure and one that plays itself out everyday in real estate negotiating. What do you do?
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