What Is a Backup Offer
- By Jim Blackburn
- on
- 100 first time home buyer FAQs
1. A Backup Offer Puts You Next in Line
When a home is already under contract, the seller can accept a backup offer from another buyer. That means:
- If the first buyer backs out, your offer automatically becomes the primary contract
- You don’t have to start the bidding war all over again
- You’re legally ready to move forward if the deal collapses
In a competitive market, this is a smart way to stay in the mix without getting into a bidding frenzy.
2. You Can Lock in the Terms While Others Wait
Submitting a backup offer means:
You’re prepared and pre-approved You’ve agreed to the price and terms You’re not actively under contract—but you’re ready if neededAnd the best part? You can usually keep looking at other homes while your backup offer is in place, giving you options.
3. Backup Offers Are Best in Hot Markets (or With Risky Buyers Ahead of You)
Backup offers are especially useful when:
- You lost out to a buyer with less solid financing
- You suspect the inspection or appraisal might cause issues
- You love the house enough to wait—but not enough to settle elsewhere
In short, it’s a low-risk, high-reward strategy that keeps you in the running.
Thinking About Submitting a Backup Offer? Let’s Make It Strong
Download our free “First-Time Buyer Game Plan” eBook — includes a section on backup offer strategies and timelines
Chat live now to ask if a home you love is accepting backups
Schedule a call with a Stairway Mortgage advisor to get pre-approved and position yourself as the strongest next-in-line buyer
At Stairway Mortgage, we help you stay ready—
because sometimes the second chance is the one that sticks.
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