Home Buying in 01801>Question Details

Erin Davis, Home Buyer in 01801

Can we put an offer in on a house that has a offer accepted?

Asked by Erin Davis, 01801 Sat Aug 22, 2009

There is a house that my husband and I saw today that we love. This house has been on the market for 30 days and has an offer in on it. We contacted out real estate agent and she told us that currently there are potential buyers who are waiting for an inspection and have signed a P&S. Is there any way that we can still put in an offer?

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Yes you can, but there are some conditions. All offers must be presented to the seller upto the date of closing. However, your offer would be a back up offer. If something happened to the first offer, then you would be next in line. The downside of this is that you have an offer on that property until it closes.
1 vote Thank Flag Link Sat Aug 22, 2009
You can as a back up offer (if the seller has agreed to accept these) although I usually don't recommend clients do this because if a house comes back on the market technically the value has decreased so if you make an offer premature you can lock yourself into a higher purchase price. That said if you love it and cant live without it it might be worth a try. Make sure your buyer's agent is diligent about keeping on top of the sellers agent to make sure you get a chance if one arises (literally follow up every day).
0 votes Thank Flag Link Sun Aug 23, 2009
If the offer is accepted and the P&S has been signed, it really depends on whether the seller is accepting back up offers. If they are, you can submit the offer, but it wouldn't be considered unless the previously accepted offer fals through. If they are not accepting back-up offers, then just wait and watch and see if it comes back on the market. Your agent should be able to determine if the owner is accepting back up offers.

If your agent hasn't already done it, have them set you up on an MLS email search so that when a property comes on the market, you will get an email notification the next morning. This will keep you in the loop for a "hot" property.
0 votes Thank Flag Link Sun Aug 23, 2009
Since you are in Massachusetts, the offer process is 2 fold. Initial offer followed by inspections, then a P & S. After the P & S generally the only contingency is the buyer securing a loan so I'm not sure that you completely understood what your agent was saying.

You should ask her again to explain why she doesn't think you should go forward. You need to understand exactly the situation. When I work with a Buyer, I generally recommend waiting for the 1st offer to fall through - then jump on it. If you put a back-up offer in, I believe all you do is provide the seller a more secure deal with the first buyer. If there are any problems and that offer falls through,


Julie Duncan
Duncan Team
RE/MAX Landmark
Web Reference: http://www.julieduncan.com
0 votes Thank Flag Link Sat Aug 22, 2009
Erin,

In Massachusetts the process is a little different from what was previously described. Excluding bank-owned properties and short sales, the first step is an offer. Once it is accepted, the seller can choose to accept back-up offers (this is indicated by a special symbol on MLS) until the P&S is signed, but these are not presented to the seller or negotiated until the first deal falls through. Then back-up offers are next in line.

In your case it sounds like the P&S has already been signed, which is unusual because it is almost always signed AFTER the inspection is done and any issues resolved. So I'm not sure exactly what the status is.

If you are able to put in a back-up offer, you can alway withdraw it at any time prior to its acceptance. But I would make sure you have a real estate attorney review your offer if you do submit a back-up.

Hope this helps,
Deb
Web Reference: http://homes.debn.net
0 votes Thank Flag Link Sat Aug 22, 2009
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