I had a property recently where I represented the buyer. We had an appt to see the house 2 hours after it was listed, wrote an offer at the house. (we were one of 6 parties to write an offer that day) Ours was accepted. Your buyer broker needs to know how and what the banks are looking for and how to submit the offer and how to respond.
In direct answer about secondary offers. Everyone that I know off is flat rejected with written orders to the broker that we will keep the name and if it falls apart we will call you. Never seen that happen. The secret is to get an accepted offer. If you lose out on one have your broker find you another and work to be first in line.
Some banks require the offers to be uploaded electronically and do not provide a way to upload secondary offers. That being said, if you have interest you can still submit an offer to the listing agent, who can present it if and when the primary offer falls apart.
Buying foreclosures and short-sales usually is less straight-forward than a traditional purchase. Depending on your situation you may not want to put your life on hold to wait this out... I'd keep looking in the mean-time, but still write the back-up or secondary offer if this was a property that was desirable!
Hope this helps!
Broker Associate, Keller Williams
I would submit the offer.
Good Luck - The Birschbach Team ... Keller Williams
As others have advised, you can have the real estate professional representing you stay in close contact with the listing party in the event an opportunity presents itself in the near future.
Based on all the players involved in a foreclosure situation, especially if there is an investment company in the mix, stating yourself as a 'cash' buyer may not work to your advantage. This has no bearing on the situation you inquired about. Consult with your agent for more information in being more strategic in your home purchase offers.
I would not put your home search on hold waiting for a opportunity to present itself, I would advise continuing your home search. You may find the perfect home is yet to be discovered.
Our State of WI Offer to Purchase allows for people to write secondary offers. On a foreclosure, it is a little trickier because not all banks will consider other offers unless the primary has fallen through first. Your agent should be able to talk to the bank's representative to find out if they will take secondary offers. Really, there is no down side from the perspective of the bank because it does not obligate them to any single offer - they are free to accept multiple secondary offers in addition to the primary - however, many large banks that operate on a national scale will have a one size fits all policy and that is that. If you are interested in buying a foreclosure, you might want to have a realtor as your agent who will keep you updated as soon as properties come on the market. Very often the best priced foreclosures end up with 4+ offers at a time so it pays to be prepared and your agent can help you with that. Feel free to contact me if you have any further questions about our market.
Have your Realtor ask the Listing Agent if they will hold your offer as a Backup Offer. It will not be submitted to the bank unless the current accepted offer falls through for some reason. However, in today's market, it is not unusual for the 2nd or 3rd offer to be the offer that actually closes.
You could be putting your life on hold waiting forever for a call-back. Especially on a Shortsale.
You might have your Agent talk to the Listing agent about a Back-Up Offer and see if he will call your Agent if the current deal falls thru.
People have a way of losing superfulous paperwork; know what I mean?
Good luck and may God bless