With so many folks wanting to buy homes and so few homes available to purchase, it’s tough being a home buyer in Madison’s current real estate market. It’s frustrating as well for us to watch our clients fall in love with a home only to find out someone else beat them to it.
There is a solution, however. While it doesn’t always work, it does often enough to consider it if you truly want the home: submit a backup offer.
What is a backup offer?
The actual backup offer consists of a contract to purchase the home and a backup addendum. When signed, these documents will automatically place you in first position should the current buyer not consummate the purchase.
While there are benefits to submitting a backup offer on a home you’ve fallen in…