No rain, roses were blooming, and lots of folks came to the Shredding Party! There were some lulls and then there were times when 4 cars were backed up behind the truck! And Alameda Meals on Wheels was the winner! Thanks to all who showed up! It’s fun for me, plus unwanted paper stuff disappears (almost) right in front of your eyes!
Boomer-Chick-Musings.com About a party…
What does PSB (pending sale, backups wanted) mean? It means one of two things: this may not be the best offer on a property but it was what they got, OR maybe it has something to do with the terms: maybe not great financing, maybe too many contingencies. We just really don’t know…but there is no rule that says you can’t have your agent ask the listing agent why s(he) wants a backup offer, behind the first offer.
AND it can also mean, “Hey, Mr(s) Seller, let’s put some pressure on the existing Buyer, to be sure that person is willing to perform! Getting a back-up offer says to the primary Buyer, that hey, we are serious Sellers and we’re looking for something better than your offer (shorter closing date, more down payment, fewer contingencies,etc)!”
What if you are in a ‘back-up offer’ position? If you haven’t received written notice that you are in a primary position (#1), and you’ve been out looking at other properties, you can give written notice to the Seller that you ‘are outta there’, with no cost to you.
What if you are a Seller, can you just call it quits with the existing Buyer? No, you need to follow the timelines as set by the contract. If the Buyer has missed any of those deadlines, as the Seller you may be able to get rid of the primary Buyer and put the backup Buyer into first position, once you have served written notice to the primary Buyer..that s(he) has not performed.
And under most circumstances, the Seller can’t keep the Buyer’s deposit. But the Seller will have to start over again.
Alameda Real Estate this Week
Broker Tour Tues 10 this week w/ 2 repeats.
Alameda Real Estate Awards This Week (this is only my perspective)!
That’s a wrap! I’ll be putting a small bungalow on the market for an open house on Sunday!