Back-Up Offers in the LBI Real Estate Market
- May 13, 2021
- 2 min read
Back-Up Offers in the LBI Real Estate Market
A Back-Up Offers in the LBI Real Estate Market is an offer placed in reserve on a property, usually when the property in question has an existing deal in place. This can happen for various reasons, but most of the time, we see back-up offers occur when there is a bidding war, something relatively common in the Long Beach Island real estate sale market.
Back-Up Offers in the LBI Real Estate Market
A Back-Up Offers in the LBI Real Estate Market can have several advantages for both the buyer and the seller. When we are in a low inventory period, a buyer can make multiple back-up offers on various properties to make their intentions known if something falls apart on the current deal. A seller can also benefit from a back-up because it can strengthen their negotiation position when they know they have other interested parties. To fully understand a buyer and seller's rights in the LBI real estate market when dealing with multiple offers, it is best to consult an attorney.
Buying in the Long Beach Island Real Estate Market
The Long Beach Island real estate market is usually very competitive, so anything that can improve a buyer's situation should be employed. Likewise, a seller can benefit from multiple interested parties, especially if a new back up offer is superior to an existing agreed to offer. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer | LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
