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How do you keep your first-time buyers motivated and engaged when they are in a backup position?

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Buying your first home is an exciting and challenging process, especially in a competitive market where multiple offers are common. Sometimes, you may find yourself in a backup position, meaning that your offer is accepted only if the primary offer falls through. How do you keep your first-time buyers motivated and engaged when they are in a backup position? Here are some tips to help you navigate this scenario and prepare for the next steps.

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1 Explain the backup process

The first thing you need to do is to explain the backup process to your buyers and set realistic expectations. A backup offer is not a guarantee that you will get the house, but it is a way to secure your place in line if the primary offer fails. You should also review the terms and conditions of the backup offer, such as the contingency period, the earnest money deposit, and the inspection rights. Make sure your buyers understand their rights and obligations as backup buyers and the potential risks and benefits of this position.

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Thomas McCormack
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It is very challenging to be a buyer when competition is high and inventory is low. A backup position may feel like "2nd place" but it is not that uncommon for a first offer to fall apart especially in a market that has experienced rapid increase in values which may impact appraisal or lead to buyer remorse. Having your offer in does not have to obligate you but simply puts you in first position if the property once more becomes available. IMO, there's no reason not to say "Please keep us a backup."

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2 Stay in touch with the listing agent

As a backup buyer, you want to stay in touch with the listing agent and monitor the status of the primary offer. You should communicate your interest and availability and ask for updates on any changes or issues that may arise. You should also be ready to act quickly if the primary offer falls through and you become the primary buyer. This means having your financing, inspection, and appraisal ready to go and being flexible with the closing date and other terms.

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3 Keep looking for other options

While you wait for the backup offer to play out, you should not stop looking for other options. The backup offer does not prevent you from making offers on other properties that you like, as long as you have a clause that allows you to withdraw from the backup offer if you find a better deal. You should also keep an open mind and consider different types of properties, locations, and features that may suit your needs and budget. You never know when you may find your dream home or a great opportunity.

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4 Maintain a positive attitude

Being in a backup position can be frustrating and stressful, but you should not lose hope or confidence. Remember that you are not alone and that many buyers face this situation in a hot market. You should also focus on the positive aspects of being a backup buyer, such as having more time to prepare, having a backup plan, and having a chance to get the house you want. You should also celebrate your achievements and milestones along the way, such as getting pre-approved, finding a good agent, and making a strong offer.

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5 Seek support and guidance

Buying your first home can be overwhelming and emotional, especially when you are in a backup position. That is why you need to seek support and guidance from your agent, your lender, your family, and your friends. Your agent can help you with the technical and legal aspects of the backup offer, as well as provide you with market insights and advice. Your lender can help you with the financial and loan aspects of the backup offer, as well as provide you with options and solutions. Your family and friends can help you with the emotional and personal aspects of the backup offer, as well as provide you with encouragement and feedback.

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6 Prepare for the next steps

Whether your backup offer becomes the primary offer or not, you need to prepare for the next steps. If your backup offer becomes the primary offer, you need to move fast and complete the due diligence and closing process. You should also be prepared to negotiate and resolve any issues that may arise during the inspection, appraisal, or title search. If your backup offer does not become the primary offer, you need to move on and continue your home search. You should also be prepared to learn from your experience and improve your strategy and tactics for the next offer.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Thomas McCormack
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I have frequently seen sellers who are facing a failed contract with a first buyer, not want to go down the same route as previously and simply choose to work with the buyer next in line. If the 2nd buyer's offer was solid they may prefer to accept it rather than put the house back on the market and face the same challenges in marketing the property as previously (e.g. open houses, showings, etc.) They also may want to avoid the stigma of "Back On Market" status. If your agent is keeping in touch with the listing agent and reminding them of your continued interest, the seller & listing agent may feel emboldened to not tolerate bad behavior from buyer #1 and say "Hey, let's just work with the 2nd buyers... they still seem very interested."

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How do you keep your first-time buyers motivated and engaged when they are in a backup position?

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1 Explain the backup process

2 Stay in touch with the listing agent

3 Keep looking for other options

4 Maintain a positive attitude

5 Seek support and guidance

6 Prepare for the next steps

7 Here’s what else to consider

Working with First-Time Home Buyers

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