Home Buying in 20164>Question Details

Holly, Home Buyer in Herndon, VA

Are you able to put an offer on a house even though you already have a offer on a different short sale?

Asked by Holly, Herndon, VA Mon Jun 2, 2008

My husband and I found a lovely short sale in Sterling, VA. The process has taken currently 34 business days since they received the offer in their system. While we've been waiting, we found another house that we really like as well. It is also a short sale. Are we able to put an offer on that house even though our first offer is currently in the process? The sellers accepted the offer however their first and second trust have yet to respond. (We do know that they have it.)

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Hi Holly

This is a great question that many ask. Because you have a ratified deal contingent upon the third party you are not free to place a contract on another property during this time unless you are planning to purchase both. Depending on how your Realtor wrote the contract, you may be able to get out of the current contract and write on the new home if that is your goal.

This is the great frustration with short sales. Because they take sooooo long many times to hear back many people get tired of waiting and begin looking at other homes. Good luck.
1 vote Thank Flag Link Mon Jun 2, 2008
You are describing just one of the difficulties of a short sale. The whole problem of feeling like YOU are being held hostage by an asset manager in some far away place. The best advice I have for you is to listen to your Realtor if you have one. That's what we do. There is nothing to say that you wont have a worse situation with house number two. Your agent can give you good counsel.
0 votes Thank Flag Link Mon Jun 2, 2008
This is an ethical dilemma that we are encountering more frequently because of the length of time it takes for short sale negotiatiors to respond to an offer. On more than one occasion, I've had a client back out of a short sale offer because we found something better while we were waiting.

At the outset, we tell the listing agents that we recognize the length of time it will take to get a response, and that we reserve the right to keep looking. The listing agent conveys this message to the negotiator in the hopes that they will expedite the process.

But if you are serious about another property more than you are about the previous offer you made, you may want to issue a withdrawal.
0 votes Thank Flag Link Mon Jun 2, 2008
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