Quote:
Originally Posted by berniekosar19
Yeah, I've never heard of something like that for a back-up offer; kind of sounds like the definition of torturous interference with a contract, to tell you the truth. You can only have one executable contract out on a property at any given time, so the terms of a back-up contract/offer taking precedence over the contract that has actually been executed seems odd to me.
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There are a couple of back up offers. There could be one if the buyer and seller agrees, based on
in case the primary contract doesn't work out at any time until the settlement or an earlier date. The buyer just wants to slip instantly in to first place if something goes wrong with the primary contract....an inspection goes awry, a suddenly discovered buyer's debt, etc.
Then there's the contract that is a back up for the contract where it has
already been decided the contingencies are so great that the owner wants to accept backups that are better and even has this listed on the listing, "backups accepted".
The thing is the wording of the first contract. When the second happens it's often because the buyer has a home to sell. So, for whatever reason, the home owner may say ok to the price and conditions... but, you have to accept a 48 hours kick out clause in case I get a better offer.
Kind of another place saver. It it works out, the conditions are already established. If not...that's part of what both sides signed.