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Question about backup offer

We went to view a house early in the morning a few days ago and we loved it, it was move in ready and needed no work. We put in an offer at 95,000 because the house was listed at 89,000 and we were contingent on sellers paying closing costs.

Come to find out, later that day that they accepted an offer the night before and the realtor did not know about this, the seller's agent and our agent work under the same company, the seller's agent told our agent that while they can't discuss the offer, they said that it sounds like the offer they accepted wasnt going to go through due to lack of financing, and informed our agent that "I highly encourage and recommend your client put in a backup offer" so we did at the 95,000, so now we have 5 days to wait to see if this person can find financing.

My question is, what is the reality that the deal goes through or fails? How often does this happen?

submitted by /u/Tivum
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source https://www.reddit.com/r/RealEstate/comments/wt5t1i/question_about_backup_offer/
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