While the market is beginning to show signs of stabilizing, the overheated sellers market of last spring is still a stinging memory to many homebuyers in Billings. In October, for instance, homes remained on the market for a quick six days. If a buyer didn’t act quickly, he or she was beat to the best houses that came on the market.
It’s frustrating to fall in love with a home only to find out that someone else has already submitted an offer, but there may just be a solution. While they don’t always win the home, backup offers are often a good idea when you have found the perfect home.
Make a backup offer
Basically a backup offer is second in line to the seller’s current offer. If anything happens to end that transaction (and we’ll get into…