Let me tell you about how I sold a home twice in one day recently. So, I have a listing that is currently under contract and is going to close next week. But I sold that listing twice in one day.
What happened?
Well, we put the property on the market at a sharp price; it’s an attractive home; and right away we had a number of showings on the first day. By day number two, we had an above full price offer on the home, and we executed that contract. A backup contract.
Then another buyer also had seen the home and wanted to put in a backup contract on that home. So they also offered a price above asking price to the seller. We executed that contract as a backup contract, essentially selling the home twice in the same day.
Well, what does that mean, anyway? What is a backup contract? How does that work?
Let’s call contract number one “first position” and the backup contract “second position”. What happens is that as long as everything works out fine for the buyer in first position, they close, they own the home. The backup contract goes away.
However, if something goes wrong with contract number one. Maybe they terminate during the option period. Maybe the Appraisal doesn’t come in, right? Maybe the lender doesn’t give the buyer their financing. If something goes wrong with that first contract, then the back up contract that is in second position, that backup offer, goes into now first position and buyer number two gets the home.
That’s how it works. That’s how it sold I home twice in one day.
In this hot Austin market It’s really not too uncommon for that to happen.
Need to sell your home? Give me a call and maybe we can sell it twice in the same day.
