Right now Nashville's real estate market is one of the hottest in the country! With inventory ever shrinking, multiple offers have become a standard feature of transactions. In some cases, listings are receiving over 10 offers from buyers desperate not to have yet another house slip through their fingers! As intimidating as this can seem to a buyer, one thing to keep in mind is the importance and effectiveness of back-up offers. From the time a property goes under contract to when it actually sells, there are a number of factors that can keep the sale from closing. Whenever this happens, the house goes back on the market and the whole process of listing, showing, and getting multiple offers starts all over again. However, this is when back-up offers get to have their moment in the spotlight! With a back-up offer, if anything happens to the primary offer that causes it to fall apart, the back-up then moves in to the primary contract position. This allows the seller to avoid going through the whole process of essentially re-listing, and often times allows the buyer to get the property for less than the original offer. It's also important to keep in mind that as a buyer with a back-up offer in on a property, you are not locked into the contract until it becomes the primary. This means that if you as the buyer find another property you love and want to make a primary offer, provided your Realtor wrote the back-up offer accordingly, you can get out of the back-up offer with no penalty! So remember, just because Nashville's market is on fire right now, and everyone is climbing over one another to get their offers in, there are still ways to be crafty with how you navigate the market in order to maximize your success!
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