So I just went and saw a property this past weekend and was considering making an offer and then this morning it disappeared from the Zillow and I found that it had a pending offer.
It was a Section 8 house, listed for $89,000 and was bringing in rent of about $1200 with a current section 8 tenant already living there, and my numbers were showing cashflow of 200+ a month. I of course have no idea what the other offer is but what would you suggest doing? Do backup offers ever end up working and in what scenarios could my offer come to the front of the line?? Any help is appreciated!!
I've bought several houses from back up offers. Especially hudhomestore.com HUD houses. Always tell your agent to put in as back up too.
FWIW I also never use a buyers agent except for hudhomestore.com which I have to. I use realtor.com and some times zillow to find the listing agent and work with that agent. I ask all sorts of questions and hear insane info you'd never get via a buyers agent. Plus your offer gets teh listing agent 6% vs just 3%.
Setting your bid as back up costs nothing, so all offers should be backup!!!