Backup Offer Strategy Gets Family into Their New Home

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Psychologists tell us that any major life event – no matter how wonderful, exciting, and longed-for – can cause a lot of stress. Things like welcoming your first child, finally graduating from your years-long Ph.D. program, starting a new job, and preparing for the arrival of your second child.

All of that was going on in Amy and Cody Warren’s life recently. So they did what any reasonable people in their position would do…they decided to sell their house and buy another. When they called me, I knew it would be important for me to find ways to keep this from becoming yet another source of stress.

I first connected with Amy and Cody four years ago when they were looking for their first home. Our personalities seemed to click, and I listened closely to what they wanted. As first-time homebuyers, they had lots of questions, and I was happy to help them understand the buying process. I helped Amy and Cody find a great home in Green Valley Ranch, and they settled in and welcomed their first child, a son, 3 years ago.

In the time since, Cody has pursued his Ph.D. in Microbiology. He recently graduated from the University of Colorado and was excited to take a job researching human immunodeficiency virus (HIV). The only potential snag? His new job is in Boulder. Amy works in downtown Denver. And they were living nearly 20 miles east of the city. Oh…and they also learned they were expecting another child.

They had to move, and they had to do it fast, so they called me for help once again. They took advantage of the complimentary staging I offer, and they trusted me to price the home appropriately. Amy was a little concerned that maybe they’d end up having to lower the price, but the results speak for themselves – their home sold within 48 hours for more than asking price.

That was great. But they still needed to buy another house. Working together, we found a home they loved in Westminster. The only problem was that the sellers had already accepted another buyer’s offer. Amy and Cody were sure they had missed their chance on the property.

But then, I told them that they could write a “backup offer.” A backup offer secures a buyer’s place in line, so to speak. Then, if the first buyer can’t complete the purchase (for example, if they can’t get approved for the mortgage), the seller can move right along to the buyers who wrote the backup offer.

That’s exactly what happened. The first buyer’s financing fell through. But because of the backup offer, Amy and Cody were right there to be next in line to buy the house.

Amy, Cody, and their son are now happily ensconced in their new home in Westminster, and are making final preparations to welcome their newest family member in August. We still keep in touch, and I’m excited to see this young family thriving.

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