Home Buying in Akron>Question Details

Akronite829, Home Buyer in Akron, OH

Can I put a bid or offer on a house that is already contingent?

Asked by Akronite829, Akron, OH Wed Apr 20, 2011

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>>An offer has been accepted, no other offers can be presented to the seller.

That is not necessarily true, not sure where Chris got this. Unless that is specifically stated by the seller there is no law that says you can't make an offer on a home that is already in contract. A seller can accept as many offers as they want.
1 vote Thank Flag Link Mon Nov 19, 2012
Here in Akron when a bankowned home is contingent, it is probably all verbally accepted and the asset manager of the bank hasn't gotten the paperwork yet. Agents will sometimes put a house as contingent when they could mark it pending because contingent houses still show up one searches and the agent might be able to pick up a new buyer if one calls about the house. You could put an offer on it, but I wouldn't bother. You would probably be in a seconary position and in limbo for up to 2 months wondering if you will get it or not. Have your agent (you do have one, don't you?) set up a search in the mls for that address so you will be alerted when the status changes. If it becomes active, then make an offer.
1 vote Thank Flag Link Thu Apr 21, 2011
If the contingency of this original offer is that the buyer needs to sell their house first, before purchasing and the house you want is still being marketed to the public, you should be able to bump the first contract out if you are finacially qualified and do not have to sell a house to buy this house. If the house is "pending" no more showings, call the listing agent to let them know if the sale does not happen, to contact you so that you may make an offer to purchase.
1 vote Thank Flag Link Thu Apr 21, 2011
Akronite,

Have your agent contact the seller to see if they are still accepting offers.

In the event there are multiple offers all ready and your offer would be number 8, to present an additional offer would likely be a lesson in futility. The listing agent may be able to advise you on the best course of action.

Good luck,

Bill
1 vote Thank Flag Link Thu Apr 21, 2011
If a property is marked Contingent, it is already under contract and is Contingent upon something (Financing, Inspections, sale of the Buyer's home, etc.) so it is important to find out what it is Contingent upon through YOUR agent and then decide if you would like to make an offer that would be a Back Up Offer...which would only be valid if the contract currently in place is released. The offer MUST state that the offer is a back up contract and is subject to the release of the current contract. This accomplished you being next in line if the current contract is released which happens quite a bit. Please call or email me direct with further questions.
0 votes Thank Flag Link Mon Nov 19, 2012
Yes, but you must realize that your chance of getting the approval is greatly reduced, and that it may take a long time to find out if your offer has moved up to active status. In the meantime you may be limited in the number of other offers you can make.
Imagine what you would feel like if two of your backup offers were accepted while you had another accepted offer in play. It could stretch you resources too far.
0 votes Thank Flag Link Sat May 14, 2011
An offer has been accepted, no other offers can be presented to the seller. Theirs a slim chance that the offer accepted does not make it to closing and the deal falls apart. If the deal falls apart the home could go back on the market for sale again. At that point you could present an offer.
0 votes Thank Flag Link Thu Apr 21, 2011
Contact your agent, if your not working with one I could set aside some time for you.
0 votes Thank Flag Link Thu Apr 21, 2011
It all depends on what kind of contingent it is, can you share any more details?
0 votes Thank Flag Link Thu Apr 21, 2011
Also I forgot to mention this is a bank owned home. Does that matter?
0 votes Thank Flag Link Thu Apr 21, 2011
Good Morning! Most sales have a contingent status as the phase prior to sold; however, a contingency status may be contingent on financing so while the loan approval is being processed it will show "Contingent" but many sales fall through in financing for various reasons. Financing is much more stringent than it use to be. If the house you would like to offer on is still showing contingent, we can write an offer on the home and one of a few things can happen but they are all based on what the contingency is! If the contingency is based on the Buyer with the accepted contract selling their home for instance, and you do not have a contingency, then the Contiingent Buyer has a set time to either remove their contingency and perform on the loan or lose the home to the new backup offer. I would be happy to help you through this process! I have many resources on my website as well!
0 votes Thank Flag Link Thu Apr 21, 2011
Unless otherwise specified by the owner, yes you can. But your offer will be considered a back-up contract contingent on the primary contract being no longer in play.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Thu Apr 21, 2011
Yes you can indeed put an offer in on a home that has previously accepted offer. Most contracts will have a "bump" clause in them giving the previous buyer a specific number of days to decide whether to move forward with the purchase despite not selling their home (waiving their home sale contingency) or they may chose to be "bumped" and step away. This is provided that the Seller accepts the terms of your offer.
0 votes Thank Flag Link Wed Apr 20, 2011
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