A backup offer lets you keep shopping and make offers on other houses while holding a fallback on your preferred home. The primary deal usually falls through because of inspection problems or financing issues the first buyer can't fix.
No. If you have an agent that knows how to write backup offers, you're not in that position. It's just a safety net over here. You can continue to look for other houses over here, make offers, and actually put one under contract if you want. But if this house over here was something that you really liked, having a backup offer in position is kind of like a little good little safety net for you. So why would a deal fall through? Well, The two most often examples of why deals fall through is number one, something happens with inspections that that buyer in first position just cannot get over, or something happens and they can't follow through with their financing.
