What is a back up offer? 

 

 

 

So,  what is a backup offer and how do you write one? A back up offer is exactly what it says-it’s an offer that “backs up” a current contract that’s already in place. 

 

 

Say you find the PERFECT property but someone else has already made and offer on it, and the seller has already accepted the offer. You may still be able to place a back up offer on the property. This means that if something happens and the first offer falls through, you are next in line. If the original buyer backs out because of an inspection, or if their loan falls through, or any other contingency is not satisfied and that prevents them from following through on the purchase, you get your shot. When working with a back up offer,…

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Recently someone asked me, “Hey Alan! How did you get into Real Estate?”

 

Well, bottom line, I was having a mid life crisis. I had was turning 40 and kind of struggling with my job.  I used to be a sales rep in the audio video business. I sold high-end home theater/audio systems. For over a decade I had been traveling the southeast meeting with clients that were integrating high-end home theaters audio systems video systems into their homes.  I really enjoyed that work but actually what happened was this thing called the great recession. People basically stopped building homes in 2007 and 2008. People certainly stopped spending $80 to $100,000 on home theater equipment! As that business kind of dwindled down and everything was a struggle.…

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How is Square Footage Calculated in Real Estate

 

So, how is square footage calculated? First of all, it’s important to note the difference in “Heated Square Footage” and “Total Square Footage.”  Heated square footage is the total of the living areas. Total square footage is everything under the roof-including garages, covered porches-everything. 

 

An appraiser is concerned with heated square footage. The part of the house that is heated and cooled-where you LIVE. 

 

As Realtors, we use this information to pull comps to help us determine the best listing price for your home. We’ll pull sales comps in the area of similar properties and then we just take that average price per square foot for all the recent sold, multiply that by…

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