If you’ve found the home of your dreams, whether it’s a condo for sale in the Royal Kuhio in Waikiki or a beautiful home for sale in the Peninsula at Hawaii Kai, you’ll make an offer… but what happens if someone beats you to the punch and gets the home under contract?
What Happens if You’re Too Late to Make an Offer on a Home?
If you’re too late to make an offer on a home, you have two choices: You can keep searching for your dream home, or you can put in a backup offer. It’s a good idea to talk to your Honolulu Realtor® before you make any decisions about what to do; he or she can give you expert guidance that helps you make the right choice.
What is a Backup Offer?
A backup offer is similar to a regular offer, except that you put it in when a home is already under contract. You’ll still negotiate terms with the sellers and agree upon a price—and you’ll still pay an earnest money deposit, which you’ll get back if the first buyers go through with the deal.
The benefit to making a backup offer is to let the seller know you’re waiting in the wings if the original deal falls through. (Real estate transactions fall apart every day, whether it’s due to financing problems, home inspection issues, or other deal-breakers.)
If the first buyers don’t pan out for the seller, he or she can move on to your offer.
What Are the Odds of Acceptance?
You still have to be realistic if you put in a backup offer; the original transaction may go through, and you may be left at Square One in your home search. However, if the transaction doesn’t pan out, you’ve been there waiting… and the sellers know that. Your backup offer then has just as much of a chance at acceptance as it would had it been the first offer the sellers received.
Are You Buying a Home in Mililani, Hawaii Kai, or Another Community?
If you’re thinking about buying a home on Oahu, from Hawaii Kai to Haliewa, we can help. Call us at 808-391-9771 or get in touch with us online to tell us what you’re looking for. We’ll help you find it.
In the meantime, feel free to explore all Oahu homes for sale or:
- Hawaii Kai, Hawaii real estate listings
- Honolulu, Hawaii real estate listings
- Kapolei, Hawaii real estate listings
- Mililani Town, Hawaii real estate listings
- Mililani, Hawaii real estate listings
- Pearl City, Hawaii real estate listings
- Wahiawa, Hawaii real estate listings
- Waialua, Hawaii real estate listings
- Waianae, Hawaii real estate listings
- Waikiki, Hawaii real estate listings
- Waimea, Hawaii real estate listings
- Waipahu, Hawaii real estate listings