Do Backup Offers Have to Be Higher Than the List Price?Whether your backup offer needs to be higher than the asking price depends on how many offers the seller receives. In a multiple offer situation, you can be fairly certain there will be offers for more than list price. This is how many multiple offers go:
|Whether your backup offer needs to be higher than the asking|
price depends on ow many offers the seller receives.
- First offer: less than list price, because the buyer doesn't know anyone else is interested.
- Second offer: List price, because often the first and second arrive close together.
- Third offer: Slightly more than list price, because the buyer really wants the home
- Fourth offer to 10th offer: Somewhere in between because these buyers know it's a long shot.