We represent a Georgia bank, listing their Atlanta REO (foreclosed) properties. The good deals go quickly and we often have to tell prospective buyers that their dream home is being bought by someone else. We try to get these buyers, who came late to the party, to write a back-up contract. Unfortunately, many buyers do not want to do this.

On an Atlanta home for sale, a back-up contract means that if the primary contract is terminated, the holder of  the secondary contract “moves up” in line and becomes the primary contract. What does one lose by writing a back-up contract? Not much, except a little bit of time. If the primary contract does close, the secondary contract-holder hasn’t lost anything. The earnest money will be returned and the prospective buyer moves on to his/her next choice.

Tonight, one of our deals fell through, but the second, prospective Atlanta home buyer was not in place to scoop up a great deal. It’s a shame, because now there are 2 other prospects that we will also call. And one of them may get the house, rather than the original prospect. Why not write a back-up contract? 

If you are looking for a good Realtor to help you find or sell your dream home, call us. Experience True Experience!

This entry was posted on Wednesday, January 14th, 2009 at 11:25 pm and is filed under Atlanta Homes for Sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.