Yes, you can take a backup offer while your home is under contract, and in Las Vegas that usually just means your listing agent holds on to the other offer in case the first deal falls apart. What a backup offer does not do is get you out of the contract you already accepted, even if the new offer is higher.
What a backup offer usually looks like here
In Las Vegas, a backup offer is usually pretty simple. Another buyer sends an offer after you are already under contract, and your listing agent keeps it on hand.
If your first buyer closes, nothing more happens with it. If the first deal falls through, your agent goes back to that buyer and you pick things up from there.
Accepting an offer means you agreed to that price
This is the part every seller needs to hear. Once you accept an offer, you have agreed to sell your home to that buyer, at that price, on those terms.
A higher offer showing up a week later does not change that. It is not a free way out of the contract, and it is not a chance to go back and ask your buyer for more money.
If you ever have a legal question about getting out of a contract, that goes to a real estate attorney.
Why a backup offer is still worth having
Deals fall through. A loan gets denied, an inspection scares a buyer off, or someone changes their mind during due diligence.
When that happens, a backup means you are not starting from zero.
- Less time back on the market
- A buyer who already knows the home and wanted it
- A little less pressure if your first buyer asks for repairs or credits
- A real offer to compare against, not just a guess
How it works in practice
Your first buyer keeps moving through escrow as normal. The backup buyer knows they are second in line.
A backup buyer usually is not locked in while they wait, so they may keep looking. The longer your first deal runs, the more likely they have found something else.
If the first deal ends, your agent reaches back out. If that buyer is still interested, you work out the offer with them from there.
Questions to ask your agent
- Have any other offers come in since we went under contract?
- Are you holding on to them?
- Is the backup buyer still looking, or are they waiting on us?
- How did their price and terms compare to the offer we took?
Simple summary
You can take a backup offer while you are under contract. In Las Vegas that usually means your listing agent holds on to it in case the first deal falls apart.
It does not get you out of the deal you already accepted. You agreed to that price, and a better offer showing up later does not change it.
If you want to know what your home would sell for in today’s Las Vegas market, you can request a free home value estimate here: Get a Free Home Value Estimate