The Benefits of Backup Offers for Buyers and Sellers

By Gregg Tepper

I have been married to my wonderful wife Letha for 27 years. We have 3 children: Max, Alexander and Charlotte. I have been a licensed Realtor in the New Orleans area for 17 years and am the Operator of The Tepper Group with Keller Williams Realty in Mandeville. Our team services the entire New Orleans and Baton Rouge metro areas. Our team of partners has over 40 years of experience. We helped 141 families buy, sell or lease in 2022.

In the competitive world of real estate, a backup offer can be a crucial strategy for both buyers and sellers. But what exactly is a backup offer, and how does it work? Today, I will explain the key benefits home buyers and sellers can gain from a backup offer. Feel free to watch the complete video or use the timestamps below to browse through the topics that interest you the most:

0:00 — Introducing today’s topic
0:04 — What is a backup offer?
0:48 — Benefits for buyers
0:50 — Ensures you’re next in line
1:20 — You can view more listings without commitment
1:24 — No immediate financial obligation
1:50 — Benefits for sellers
1:53 — Provides a fallback option if the primary offer fails
2:28 — Keeps the backup buyer interested in your property
2:53 — Convinces the primary buyer to agree to terms
3:48 — Wrapping up

A backup offer is a straightforward yet powerful strategy in real estate transactions. It offers buyers a chance to stay in the game for their dream home without any immediate financial obligations. For sellers, it provides peace of mind and potential leverage in negotiations.

If you have any questions about this topic, or if you’re considering buying or selling a home, feel free to reach out to me by calling 985-789-8717. I will be happy to help you find the best deals in the market. I look forward to hearing from you!