You can submit an offer on anything at any time. Whether or not the seller will entertain that offers depends on the current contract that's in place. Sellers on short sales commonly accept backup offers, is this what you're referring to?
You should speak with a Realtor who has a strong background to navigate you through the process if you're interested in making an offer on a home that currently has an accepted offer. You probably know this already but as a buyer the only fee to your Realtor is likely a $300-$500 commission fee, formerly called an admin fee. Again, this can vary depending on Realtors.
As the battle ensues below, what you need to weigh out is whether or not you LOVE this house enough to stop looking at all other real estate for a time. Chris is correct, things can happen behind the scenes that are tough to combat; however, a well written contract by someone who knows the nuances of what is going on will go a long way. Rick is also correct in stating that a seller can accept multiple offers as long as the contracts are structured properly. What it all boils down to is this questions: What is the house worth to?
Is it worth waiting? Is it worth not looking at other real estate? Is it worth the risk that things will happen behind the scenes and the transaction falls apart after weeks or months of waiting?
If it is, then make the offer, but do yourself a favor and get a stellar agent to walk you through the details. If it isn't, move on and keep an eye on the property, if it comes back on the market (your agent can help you with that) then pounce on it.
Coldwell Banker Burnet
licensed MN Real Estate Broker
That is just coming from someone that has listed short sales and understands both sides of the coin, both listing and buy side. I personally would never reccomend any of my buyers do it but that is just me.
In other words it is great from a listing standpoint, but as a buyer there is zero advantage of doing this. You can easily just monitor the home and see if it comes back on the market, and at that time write up the offer.
A more prudent strategy as a buyer in your shoes is to get set up with a Realtor and make sure the financing is in place. The market is heating up at your price point, and you are at a serious disadvantage by not utilizing realtors. My buyers get to see the properties hit the market before you, and we will most likely view the property before you. We are basically a free service to buyers, and if you are talking about making an offer on a home you are ready to find a good buyers agent.
From there don't worry about that other Burnsville SS. Once you get teamed up with a good realtor we can help you find a great property!
Happy House Hunting!
The Duckwall Team of Realtors
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