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#460285 - 01/09/18 02:06 AM Backup Offers in Colorado
narsal Offline
Junior Member

Registered: 01/09/18
Posts: 1
Loc: CO
I've never done a backup offer before but am assuming you simply create a standard offer and then include some verbage about it being a backup. What verbage to you use?

Thanks!

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#460286 - 01/09/18 02:17 AM Re: Backup Offers in Colorado [Re: narsal]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
Loc: New Hampshire
Hi Narsal -- welcome to the site.

The first question every experienced broker on this site is going to ask is whether you checked this question in with your managing broker (unless that is you).

Your state likely has a pre-written clause in your standard form contract. If not, your broker will certainly have very definite opinions of what to include, what to exclude, and how to phrase everything.

But, I can tell you that you will get good advice here. So, thanks for coming by.

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#460289 - 01/09/18 02:33 AM Re: Backup Offers in Colorado [Re: narsal]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7911
Loc: Vermont's North-East Kingdom
Back-up to what ?

We don't have standardized language for these back-ups and my problem has always been in the area of struggling to define the underlying P&S Contract, the Parties and/or the Terms and Conditions, and the Dates which, upon not being met, would cause the Back-up Contract to come into effect . . . . and to do this without violating the confidentiality or the bargaining position of anyone who is involved.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#460302 - 01/09/18 12:23 PM Re: Backup Offers in Colorado [Re: narsal]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
Loc: New Hampshire
When I was a broker in FL, the FAR and the FAR-Bar contracts had standard form back-up contract language. The only one that I distinctly remember writing was for an estate sale that my buyer wanted.

Listing agents would answer 'yes' or 'no' if the seller would accept a back-up. I don't remember having a good feeling about the one I did because I could never find out where the other contract was in the closing process.

SC had a standard form in their comprehensive addendum. But, every state has their own way of doing things.

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#460363 - 01/13/18 12:43 PM Re: Backup Offers in Colorado [Re: narsal]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1093
Loc: Virginia
The standard contract I use in VA for regular sales has a "Back-up Offer" clause. When inputting any listing updates, our MLS system has a section for "contingencies", and, a status of "Contract/KO" (kick-out). Usually the kick-out is the current contracted buyers need to sell their own home in order to purchase the contracted one. The 'kick-out' is done in "hours" and the listing agent states how many hours the buyers have to remove that kick-out if another acceptable offer is given to the seller. Back when the market started heating up in 2004-2005 and there weren't a lot of actives to choose from, I showed properties that had a kick-out since the market supply was tight.

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#460429 - 01/18/18 08:12 AM Re: Backup Offers in Colorado [Re: VABroker]
Long Walk Offline
Member

Registered: 06/27/08
Posts: 309
Loc: New Hampshire
Originally Posted By: VABroker
a status of "Contract/KO" (kick-out).

For some reason, I never thought of Kick-out Clauses as Back-up offers/contracts. That was a very common practice in FL, but I don't recall it being so widely used in SC.

But, wouldn't a Kick-out function as though the first buyer were actually a back-up buyer since most of the buyers with the Kick-out clause end up withdrawing from the contract when the Kick-out is triggered? In a regular back-up, there is no added pressure to act on the buyer in the 1st position.

At least, that was my experience with them. I may have had a buyer that waived the Kick-out when it was triggered, but I don't remember.

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#461688 - 06/17/18 07:54 AM Re: Backup Offers in Colorado [Re: narsal]
silex Offline
Junior Member

Registered: 06/17/18
Posts: 7
Loc: nsw
thank you that was nice

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