When The House You Love is Already Under Agreement

This is a post from last February that is more relevant with each passing week. Inventory is low and houses are going under agreement fast. I still have calls on homes that went under contract a month ago. Read this to find out what you can do when the house you want is already taken.

You found the house you love- finally! Tomorrow you are meeting with your real estate agent to write an offer. Your heart is pounding, you have butterflies- it’s really happening! Then your agent calls you- the house you have fallen in love with, THE HOUSE, is under agreement with another buyer. The rug has been pulled out from under you. How could this happen??? What are you going to do now?

Believe it or not, this happens more often than you would imagine. And, there is something you can do! In this position, your real estate agent can call the listing agent and see if backup offers are being accepted. A backup offer is your way of getting your foot in the door. It is essentially an offer that could come into play if the current contract falls through (which happens more than I would like to admit.)

The deets: a backup offer is NOT a binding contract. It is a Purchase and Sale Agreement and there is no earnest money collected. It simply allows the seller to know there is interest in the property if the current contract falls through. The buyer can rescind the offer at any time (before the contract is fully executed). Feel better? Now, go buy some real estate!

Nichole Fecteau is a Southern Maine based real estate agent who is licensed in both Maine and New Hampshire. Her area of focus is York County, Maine, particularly the towns of York, Kittery, South Berwick, Eliot, Berwick, North Berwick and Lebanon. Nichole lives in Berwick with her fiancé and two sons. In Berwick she serves her community as head of the Trails Committee and co-chair of the Friends of the Berwick RIverfront. An active member of the community, Nichole believes in giving back. When she is not selling real estate, she is volunteering, spending time with her family or climbing mountains.

You can reach Nichole at nicholefecteau@gmail.com, www.Nicholefecteau.com, or by calling or texting 207-251-9535.

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