Within the context of actual property transactions on Zillow, “accepting backups” signifies that the vendor has already accepted a suggestion on their property, however they’re nonetheless keen to think about various provides. This implies the property is technically underneath contract, however the vendor is open to receiving and reviewing extra provides in case the preliminary deal falls via. A purchaser whose supply is accepted as a backup can be subsequent in line ought to the primary purchaser be unable to finalize the acquisition.
The follow provides advantages to each sellers and potential consumers. For sellers, it supplies a security web, minimizing the chance of dropping time and market momentum if the preliminary transaction fails. It additionally probably creates a aggressive atmosphere that would enhance the phrases of the unique accepted supply. For consumers, submitting a backup supply presents a chance to amass a property they’re desirous about, even when it is already underneath settlement. Whereas the possibilities of a backup supply being accepted aren’t assured, it maintains energetic participation within the shopping for course of. This technique is especially prevalent in aggressive markets or when there are contingencies within the major supply, reminiscent of financing or inspection clauses.
