The Downtown Denver real estate market has been going through a change over the past few months as inventory has gotten tighter, especially in the much sought after Downtown Denverneighborhoods. Great prices, great location, and great interest rates have combined to create the ideal market in many ways for buyers.
However as is true in every market, supply and demand create a situation where those amazing deals are often put under contract almost immediately. Short sales and bank owned properties have created an even more incredible selection of great Denver condosmoving quickly in this market.
While our focus is to be the first to alert our clients when their dream condo opportunity hits the market sometimes even that isn’t enough. Multiple offers on low priced properties are common, and sometimes someone else has the winning offer.
But fortunately that doesn’t have to be the end of the story. Back up offers are still a tactic to consider if you have your eye on a Downtown Denver condo that is under contract but not yet closed.
This can be especially helpful in neighborhoods in Downtown Denver where hot properties go quickly. Areas like LoHi, Wash Park, and Riverfront Park are often favorites where Denver condos or homes priced to sell might be put under contract quickly with multiple bids.
But if the winning bid doesn’t go to closing which can happen due to financing issues or contingency items having a back up offer in place can secure you get the first option to proceed.
Back up offers can include language allowing the back up submitter to withdraw their back up at any time prior to acceptance thus allowing the prospective buyer to continue looking for another Denver condo or loft for sale. If another home is found that is even better that back up offer can be withdrawn.
Back up offers are something to be evaluated on a case by case basis. All of us at New Era Realty focus on finding our Denver loft or condo of their dreams and sometimes this tool is something to consider.
To learn more about Denver condos and lofts for sale please contact any of us at New Era Realty today.