A back up offer, is an offer which is in second position to the primary offer, the one which is in escrow. The seller can not willy nilly cancel the first escrow in order to accept the back up offer. It is of course, an assurance to the seller and a threat to the buyer. Once there is a back up offer, the buyer has less negotiating room.

Harb’s real estate wrap up: Some weeks are busier than others and last week was non-stop:

Mother’s Day short sale:  After all of the additional inspections (electrical, heating and a/c, plumbing and termite), the buyer will suck up accept the $15,000+ in termite repairs. As there is a back up offer for a higher price there is no negotiating. The back up is not concerned with any of the inspections as their plans are to tear down the home– one man’s trash is another’s treasure! 

Saticoy: Cranky appraiser #1 is out, waiting on appraiser #2 to contact me for appraisal access and comps. Read more about the cranky appraiser 

Oakwood: Waiting to close. (also has back up offer).

Christmas Eve Short Sale/Lender Lost the Deed: Probate Court confirmation is on Thursday.  I will be in Michigan, yes, Michigan (for a wedding and return on Sunday);  Lisa will be in probate court on my behalf. Read more about the $200,000 bank error 

I am  preparing a new La Crescenta home for sale – it should go on the market mid-July. Staging for this energy efficient “green” home is in progress.

I am listing a Glendale condo  – a foreclosure.  The paperwork was horrific; Lisa and I spent the better portion of Friday completing the Broker’s Price Opinion, which is similar to an appraisal.

Natalie completed four broker’s price opinions for pre-foreclosures last week – all residential income property.

Glendale home with eight car garage: low offer countered.  Doesn’t anyone know someone who would love a home with an eight car garage?

The offer I wrote last week was accepted. We had our primary inspection, and as is customary the inspector recommended that several specialists be consulted.  The roofer came on Saturday; the roof is old, may have a year or two left (life expectancy). The fireplace and electrical inspections will be today. And take note Los Angeles  home buyers, this home also has a back up offer – higher than our offer.