19 Aug Should I pull my backup offer to increase my odds of actually getting the property?
We found a house we really like. The seller accepted an offer on it Thursday evening and we were set to see the property Friday morning. The offer the seller accepted was weaker than our cash offer (lower offer [edit: I believe this to be true, but cannot be certain of it], subject to financing, buyer wants to do somethings likely not allowed by the HOA, and more contingencies), and our agent felt that there's a decent chance it will fall through, so he suggested that we put in a backup offer.
We followed our agent's advice and reached an agreement with the seller on a backup offer. However, I'm now having second thoughts regarding how this backup offer actually influences the current buyer, and I'm particularly worried that our backup offer will actually motivate the buyer to close (e.g., "Oh, wow, someone wants this property even *more* than me? I must be making a good decision."). The backup offer agreement does give me the right to back out any time before I have been notified that the primary offer fell through.
What I'm specifically contemplating is pulling the backup offer but telling the seller's agent I'm ready to submit a cash offer at the seller's asking price (which is even higher than our currently agreed upon backup offer) as soon as things fall through on the current sale. Is that a bad idea?