Foreclosure in Panama City>Question Details

Alonzoboy, Renter in Panama City, FL

Today I wanted to view a house and possibly make an offer. I was informed the house was under contract and I could not see it. Is this correct?

Asked by Alonzoboy, Panama City, FL Thu Feb 28, 2013

It is a foreclosure home in Panama City, FL.
How do they take multiple offers on a home if no one else can see it?

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Answers

9
Antonio Vega-Pacheco’s answer
Yes, that is exactly how it works.
The home gets listed and exposed for about 15 days. Many people interested place offers on it. Then the seller looks at all the offers and selects the one they consider to be best. They sign it. At that point the offer becomes a contract, and they cannot negotiate with anyone else. Also at that point the home listing changes from Active to Pending (or Active with contract if it is a short-sale).

If you are on a local MLS website, the information on listings gets updated every 30 minutes, so you will not have to be chasing homes no longer active. Any local Realtor can provide a link to their private MLS feed, plus help you place offer on time. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
2 votes Thank Flag Link Fri Mar 1, 2013
Thank you very helpful information.
Flag Fri Mar 1, 2013
Foreclosures often go under contract fast. If they are priced attractively, they will often receive multiple offers in a matter of days. Once an offer is chosen, there can be a delay on paperwork. The mixture of these things is most likely what happened in your case.
If you are looking for a foreclosure, you can contact a local agent. They can set up a search for you that will notify you of foreclosures that come on the market each day. They can also narrow the search if you wish.
To see a list of foreclosures you can also look here.
http://www.panamabeachrealty.com/panama-city-beach-foreclosu…
0 votes Thank Flag Link Tue Jun 18, 2013
Hello, When a home is "under contract" the home is no longer available for purchase. It means that the buyer and seller have executed an agreement to sell and purchase the property. However, the property could be available again should the buyer not be able to obtain financing, or there could be a problem with a home inspection. Your agent would be able to let you know if and when that could happen and then you would be able to view and make your offer. Multiple offers can and often are made on foreclosed properties but only before they are under contract.
0 votes Thank Flag Link Fri Mar 1, 2013
Get with a Realtor in your area. Call around talk them and ask questions. Find one to work with and for you especially if you are buying a foreclosure.
0 votes Thank Flag Link Fri Mar 1, 2013
Of course it's correct. Why would you think otherwise?
We ARE in the business of getting real estate sold, NOT holding onto inventory.

Hopefully, the reality that seeing a home when it's new on the market, being decisive, and positioned to make a authoritative offer are all essential in getting 'the good stuff."

Since you are trolling the internet for advise, one can conclude you are not working with a professional. It is highly unlikely you will be successful without the advance notification resources a professional can make available to you. When looking at foreclosures, you need to be first, fast, and strong.

Mike and Pam have provide their telephone number.
The rest is up to you.
0 votes Thank Flag Link Fri Mar 1, 2013
Once a home has an accepted offer it is a done deal unless the financing or inspection goes bad. You have to get out there quickly and see the houses. Then you have to put the bid in quickly in order to be considered. Anybody that bids during that period can be part of the multiple bid process.
0 votes Thank Flag Link Fri Mar 1, 2013
Hi,
If the foreclosure is under contract that means the seller has accepted an offer. Any other offers would be back up offers which would only come in to play if the property does not go to close for some reason.

It is possbile that the seller may not allow showings while it is under contract. However, I personally have never run into this with a foreclosure property.

If you are not working with a Realtor I would be happy to help you with this matter.

Please let us know your thoughts or if you have any questions, need more information on any other property or if you have any concerns.

Thanks and have a GREAT day!

Kind regards, Mike and Vivian Foate
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Mike and Vivian Foate-REALTORS®
Prudential Shimmering Sands Realty, Inc.
7923 Panama City Beach Parkway
Panama City Beach, FL 32407

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0 votes Thank Flag Link Thu Feb 28, 2013
I would think that you could still see it. Deals fall through for many different reasons. If you are still interested in looking at the home, send me an email with the address and let me see what I can do to help you out. My email is pam@panamacityera.com.

I hope to hear from you soon!

Pam Mathis, Realtor
ERA Neubauer Real Estate
Panama City, FL
229-563-6088 (GA Cell number)
0 votes Thank Flag Link Thu Feb 28, 2013
Alonzoboy,
Multiple offers come in before it's under contract. Once a winning offer is selected, subsequent offers can be held as back-up offers, but typically the seller quits showing the house and starts to prepare to move. Once the buyer is under contract with the seller, the seller can't just kill the deal for another offer. If they could, your offer wouldn't be safe from another buyer overbidding yours at the last minute.
0 votes Thank Flag Link Thu Feb 28, 2013
Thank you.
Flag Fri Mar 1, 2013
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