Why You Should Not Ignore Backup Offers When Selling in NYC

We’re going to talk a little bit about why you should not ignore or neglect your backup offers if you are selling a hot property in NYC.

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You might be watching this video if you are selling a hot property. Now there are plenty of types of properties in NYC that are rather hot in good markets and bad and that will sell rather quickly and probably yield multiple offers. One such example would be a property in say Park Slope that is at an affordable price point say something starting around $500k or maybe a two bedroom in Clinton Hill for less than $750k.

Now in our experience listing agents in NYC make very little investment and effort in making sure that the backups remain viable up until the point that the actual accepted offer signs the contract. Because offers in NYC are not legally binding and the fact that you have an accepted offer essentially means nothing, you really should not ignore or neglect the backups who put in
the effort to submit an offer on your property.

So if you are selling a hot property make sure that your listing agent is also helping you not only yield an accepted offer but also yield an appropriate backup offer, to maintain that communication with that party up until the contract is signed, and we also even suggest having
additional backups. Maybe one or two more to the extent that you have enough offers, to really mitigate the risk that your accepted offer falls through and then you're basically left with no other viable offers.

You do not want to be in a situation where you've lost your accepted offer and you haven't
contacted any of your other offers for days potentially weeks because at that point those buyers probably haven't been waiting around and they may have found something else, at which point you've lost momentum and you're really back to square one.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

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