Having a hard time acting quickly enough when a great home first hits the market?  Here’s an idea…

If you have been working closely with me over a period of time, trying to find the right home, you may be familiar with the idea of a “backup contract”.  If not, you should know about this idea because it could be a great way to find the right home.

Over the past three years, continuing still, when a great home comes on the market in Maine there are usually swarms of buyers waiting and then pouncing as quickly as they can.  For many of my out-of-state buyer clients this can be frustrating and very difficult.  A home comes on the market, and before you can even read all the details, you need to make plans to come to Maine to see it or you else will miss out.  It can be very discouraging!

But this situation has also resulted in many potential home sales falling through because the buyer was not really ready.  It could be that they made a hasty offer, sometimes even sight-unseen, but later decided it was not quite right.  It could be that the finances just didn’t work out, so they need to back away.  It could be that the inspection process uncovers issues that they do not want to deal with.  But whatever the reason, the deal falls through and the home comes right back on the market again.  I’m sure you have seen some of these listings going from Active, to Active Under Contract, then back to Active again.

As I said, this can really be a great opportunity for a discerning and frustrated buyer.  While that home is “Active Under Contract”, it is still on the market.  It can still be shown, and the deal just might fall through.  It is a little bit of a long shot, but really not that much of one.  A pretty significant number of these sales fall through and cause the home to go back to the Active status.  So, what do you do?  While that home is in the Active Under Contract status, you have some much-needed time to review the details of the home more closely and to make some plans to come see it in person if you really like it.  There may be more homes that you can see at the same time, making the trip a good use of your time anyway.  Then, we make what is called a “backup offer”.  This is exactly the same as any other offer we would make, but in this case if the seller accepts your offer, then you become contractually entitled to purchase that home if the primary deal falls through.  It becomes officially a “backup contract” and you just wait to see if the primary deal does not go to fruition.  

So, one thing I can help you with is to find properties that are Active Under Contract and may be an option for you.  If this approach sounds like it might be useful for you, please reach out to me.  I will locate homes in the areas you like, and we will keep a close eye on those that are Active Under Contract.  So what do you say – let’s give it a try!