In the competitive Colorado Springs real estate market, you might find your dream home only to discover it’s already under contract. But don’t lose hope just yet. Understanding the process of making backup offers could give you a second chance at your perfect home. In this blog post, Colorado Springs real estate expert Barb Schlinker discusses if you can make an offer on a house already under contract, and the ins and outs of making offers on houses that are already under contract.
Key Takeaways:
- Backup offers are legal and common in Colorado Springs real estate
- Having an experienced agent is crucial for navigating backup offer situations
- Multiple factors determine if a backup offer strategy will be successful
- Understanding contract contingencies can help identify opportunities
Understanding Backup Offers in Colorado Springs
A backup offer is a formal offer made on a property that’s already under contract with another buyer. While the seller has accepted another offer, various circumstances could cause the primary contract to fall through. Having your backup offer in place positions you to automatically move into first position if this happens.
“In today’s market, approximately 15% of contracts fall through due to inspection issues, financing challenges, or other contingencies,” says Barb Schlinker, Colorado Springs real estate expert. “Having a strong backup offer in place can be the difference between getting your dream home and missing out completely.“
When to Consider Making a Backup Offer
Making a backup offer might be worth considering in several situations:
- The house perfectly matches your needs and preferences
- You have time to wait and see if the primary contract falls through
- You’re in a highly competitive market where finding similar properties is challenging
- The listing agent indicates the current contract has contingencies that might not be met
However, it’s important to understand that while your backup offer is in place, you should continue looking at other properties. There’s no guarantee the primary contract will fall through.
How to Make Your Backup Offer Stand Out
To increase your chances of success with a backup offer:
- Make a strong initial offer that demonstrates your serious interest
- Include proof of funds or a pre-approval letter
- Consider limiting contingencies where possible
- Be flexible with closing dates
- Write a personal letter to the seller explaining your interest
Expert Real Estate Guidance: Why Choose Barb Schlinker
When navigating the complexities of backup offers, having an experienced real estate professional is crucial. Barb Schlinker brings unparalleled expertise to your home buying journey:
- A Navy veteran with years of intelligence field experience, bringing analytical precision to real estate transactions
- Host of “Your Real Estate Voice” radio show, demonstrating deep market knowledge
- Consistently sells homes 60% faster than market average
- Achieves 100% or more of listing price for sellers
- Leads a team that sells over 200 homes annually in the Colorado Springs market
- Provides exclusive VIP Home Finder service to help buyers find homes before they hit the market
Need Help Making an Offer in Colorado Springs?
Don’t let your dream home slip away just because it’s under contract. Call or text Barb Schlinker at 719-301-1802 for expert guidance on making backup offers in Colorado Springs. With decades of local market experience and a track record of successful transactions, Barb and her real estate team can help you navigate the backup offer process and increase your chances of securing your ideal home.
Frequently Asked Question
Yes, and you absolutely should! While having a backup offer in place gives you priority if the primary contract falls through, it’s wise to continue your home search. Barb and her team can help you balance maintaining a backup offer while actively searching for other properties that meet your needs. This strategy ensures you don’t miss out on other opportunities while waiting to see if your backup offer moves into first position.
