Multi-offers, backup offers and letters of intent
The bottom line
A multi-offer is a one-shot tender. A backup offer ties you up. A letter of intent is not a contract.
When more than one buyer offers at once, the agent runs a multi-offer process where everyone submits their best terms by a deadline. You get one go. A backup offer sits behind an accepted offer and binds you while you keep looking. A letter of intent sets out terms without creating a contract, and can be useful or dangerous depending on how it is written.
Read this
How I explain multi-offers to first home buyers
Do this
Read how backup offers waste your time and what to do instead
Check yourself
How many chances do you get in a multi-offer?
One.
Does a backup offer bind you?
Yes, while it is on foot.
Is a letter of intent a binding contract?
Usually not, but check the wording.
Talk it through
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