In situations where homes gets multiple offers, sellers are often given the option to accept the second offer, which acts as a backup if ever the first offer falls through. Let’s look at this from both the buyers and the sellers perspective, as there are important things to note from both sides in deciding whether taking a second position is the right move or not.
The seller’s perspective
A backup offer is ideal for someone who has a relatively tight timeline to sell their home. Let’s say you already have an accepted offer on your next home and need to sell your current home with a certain timeframe for the deal to go through.
Having a secure backup offer means that if for some reason the first offer doesn’t go through because of financing or any other condition, then you can move forward with the next buyer without having to put your home backup on the market and go through the showing process all over again.
The most important thing to note is that if the first offer doesn’t go through, you are legally bound to proceed with the offer you accepted in second position. This means it’s important to decide if you’d be happy with it either way.
The buyer’s perspective
The most notable thing for buyers to consider is that while you’re in second position, you cannot make offers on any other homes. And you have to wait to all the conditions clear on the first offer before doing so.
But I do often suggest to my clients to take the second position because I can tell you it’s happened on more than one occasion that we have gotten the house.
In market conditions where there’s less inventory like right now, it can give you an extra chance of getting a home. But when it’s a more balanced market, homes are coming up less often, it’s less of a risk.
As with everything, the right choice becomes a personal one. And understanding all the details, really helps to make the right decision.
Peter graduated from Lasalle College in hospitality and spent 13 years managing the infamous Chateau du Lac, where he built a reputation for leadership and forming genuine, trusting relationships.
Peter’s real estate career is built on a foundation of honesty, trust, and tireless effort. He takes pride in going above and beyond to ensure his clients feel supported and confident throughout their journey. He regularly provides timeline market insights on his local service areas of Saint-Lazare, Hudson, Vaudreuil, and Rigaud, but has expanded to service clients across the Vaudreuil-Soulanges and West Island regions.
Outside of work, Peter’s world revolves around his wife and two young boys, who inspire him every day. A die-hard Montreal Canadiens fan, Peter never misses a chance to cheer on the Habs or crack a dad joke to keep everyone smiling.