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Homes and Land in Sunny Sequim, Washington

Homes and Land in Sunny Sequim, Washington

Sequim's No.1 Buyer's Agent Where Knowledge & Experience Count.

(360) 775-5424
Email: ChuckMarunde@gmail.com

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125 Olympic Ranch Ln, Sequim, WA 98382

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Should I Submit a Backup Offer on a Pending Transaction?

by Chuck Marunde / Friday, 08 March 2019 / Published in Buyers, Sequim Homes For Sale
Backup Offer

A backup offer is used quite a bit in metropolitan areas and busy markets where there are lots of sales and a lot of competition. But that doesn’t describe the Sequim real estate market, does it? A backup offer might still be a good idea in Sequim, but when would it be an act of futility, and how can you go about gathering the information you need to decide whether to make a backup offer?

Backup Offer General Practices in Sequim

A backup offer is simply an offer, just like any other offer, it just happens to be behind a primary offer that has already been accepted by the sellers. A backup offer might be submitted in a very competitive market where there is a practical possibility that the primary offer will fall through, in which case the backup offer automatically steps into first position. The seller is obligated to close under the terms of the backup offer if they accepted the backup offer earlier. 

In Sequim we don’t have a large contingent of buyers who are first time homebuyers, and whose financing might be rejected, or who may have other issues that could hinder their ability to complete the transaction. What we do have are eminently qualified retirees, most of whom have had one or two careers as professionals, have perfect or nearly perfect credit, and who put down large down payments. They are pre-qualified, and it is extremely rare that one of these highly qualified retirees will have a transaction that fails because of financing.

A buyer could terminate a transaction because the home inspection fails, but that is rare also. Most retirees are not going to make an offer to begin with if the home looks like it has serious issues. Sequim home sellers tend to be very good about maintenance and keeping their properties in good condition, so this is the other reason transactions rarely fail in Sequim. Where a home inspection turns up some minor issues, the buyer and seller almost always work out fixes or credits. Where a home inspection reveals major issues, no one wants that home, so even a backup offer would probably be killed by a buyer.

Backup Offer Data on Active of Pending or Sold

In the past, it has been hard for a buyer like you to find out whether a listing is truly “Active” (available and not pending), or “Pending” (aka Active Under Contract), or “Sold” and closed. 

I solved this problem for buyers long ago on an MLS site I designed and programmed for Sequim buyers. MLS sites in the past would show a listing as “Active” even if it was pending. They did that presumably to get you to call, in other words, as a lead generator. That’s repulsive, isn’t it? I found it less than completely honest, so I programmed my site years ago before anyone else at the local level, to allow you to search for truly “Active” listings and not suck you into thinking a pending listing was still Active and available. 

I also designed my MLS site for buyers to allow them to search for and view sold properties. This site is also 100% accurate since the source data comes from the listing agents data, not scrapped off the Internet like many syndicated MLS sites.

You’ll find my MLS site at Sequim4Sale.com, and you’ll find on that site videos which show you how to find Active, Pending, and Sold properties. On the home page, you’ll see this sentence near the top of the page: “This MLS site has 100% of all the Sequim Real Estate Listings and Port Angeles listings in the OLS. All our listing data and information is UPDATED EVERY FEW MINUTES on this site. Get the most out of this site with this video at: Sequim Real Estate and Port Angeles Real Estate MLS Video.

This information will also help you when you are thinking about whether to make a backup offer. Deciding to draft a backup offer requires some careful thought and analysis about the property, prices, and about your personal plans and finances. There’s a lot to think about before drafting a backup offer. This is where I come in. It will help you to have an experienced player in your corner with whom you can talk through all the issues, and ultimately you will know for sure whether you should draft a backup offer or pass.

Possibly Related Posts:

  • Sequim Homes: Pending and Sold
  • Should I Buy a Home in Sequim Before the Election?
  • What if I Lose Out On The Perfect Home?
  • 24 Secrets to Buying a Country Home
  • Sequim Homes Selling Fast and Very Fast

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About Chuck Marunde

After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent
(Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln,
Sequim, WA 98382
(360) 775-5424
ChuckMarunde@gmail.com

Blog Articles by Date

From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

Intro by Chuck Marunde

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

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