Home Buying in Tulsa>Question Details

Wendy, Both Buyer and Seller in Oklahoma

Home wanted is pending. Can I bring an offer to the buyer and seller before sale is complete?

Asked by Wendy, Oklahoma Mon Apr 8, 2013

There is a home I am very interested in that is pending. I own a piece of unimproved property in the same neighborhood that is even nicer. Building for us would be challenging at the moment. I was wondering if it is possible to make an offer to the buyer in lieu of them purchasing this home? I am friendly with the sellers so feel they would be ok with this.

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Answers

7
Pending means an offer has been accepted. You could make an offer but it would be held as a "back up" offer.
1 vote Thank Flag Link Tue Apr 23, 2013
Actually Wendy, there is an article in the Oklahoma Real Estate Code that specifically addresses your question. §858-353 & 354 states that brokers shall:

a. receive all written offers and counteroffers,
b. reduce offers or counteroffers to a written form upon request of any party to a transaction, and
c. present timely all written offers and counteroffers;

Offers must be presented EVEN IF THE PROPERTY IS UNDER CONTRACT. The rules don't say that present offers UNLESS the property is under contract.

If a better offer comes in after the house is under contract and the first contract falls out due to the appraisal not being ordered or inspections exceeding the repair cap, the contract can be cancelled by the seller and the new offer accepted.

I know of instances where a seller paid a buyer (buyer 1) to cancel their contract, so seller could accept an offer from another buyer (buyer 2).

I hope this helps. If you need an agent to stand up for you, let us know. Have a great day!
1 vote Thank Flag Link Mon Apr 8, 2013
Ryan, I live in Tulsa and do not currently have an agent. I was wondering how I would find an agent that might really know how to negotiate this for me. It seems like a bit of an odd situation, and some agents might not feel they want to handle something like this - or may really not have experience. It sounds like you really know your stuff!
Flag Mon Apr 22, 2013
Glad it was helpful. Yes, the amount paid would be negotiable between the 2 parties. It doesn't happen often, but if you want the property badly enough, and your offer is high enough to entice the seller, who knows.
Flag Mon Apr 8, 2013
That is such a helpful answer! I wonder what sort of payment a seller would have to pay the buyer to get out of the contract? Probably up to the buyer?
Flag Mon Apr 8, 2013
While Ryan is dead center on target, the listing agent in cooperation with the seller must approve a showing if one has not already happened. Or you can use the Realtor of your choice and tender and offer.
0 votes Thank Flag Link Sun Apr 14, 2013
Hi Wendy!

I would answer the question also, but in this instance I believe Mr Ryan Hukill answered it perfectly :)
0 votes Thank Flag Link Tue Apr 9, 2013
Sure, Agents must present all offers recieved. It dosen't mean you'll get the property, but your offer will be in a "Back-up" position. If a problems arises in the negotiations of the initial contract, and that contract gets cancelled, the Seller is able to consider your offer. A prudent listing agent may require your offer to contain language that stipulates that your offer can only be accepted contingent upon recieving the cancellation paperwork from the original offer.
0 votes Thank Flag Link Mon Apr 8, 2013
Wendy If the home is pending you can still make what would be called a backup offer. If by chance the pending offer is withdrawn due to credit issues or inspections a backup offer would be considered. But if they've accepted the offer that is pending your offer, even if its at a higher price or is more attractive to the seller could not be accepted unless the pending offer doesn't move to closing. Penalties to the seller up to and including legal action could result if they wanted to terminate the contract.
0 votes Thank Flag Link Mon Apr 8, 2013
Thank you for your answer! I was trying to see if it would be possible to bring this offer to the buyer as another option in lieu of the property I am interested in? if so, how would I do that? Have a realtor bring this proposal to both parties? I would also have a house to sell too if this worked out, but would not need to
be a contingency.
Flag Mon Apr 8, 2013
That would depend on the terms of the existing contract in force between the Buyer & Seller. There may be penalties for a contract breach. The contract is the key for ascertaining if there will be any issues from cancellation.
Web Reference: http://www.janetford.com
0 votes Thank Flag Link Mon Apr 8, 2013
Thank you so much for answering my question! So even if buyer and seller agreed, there might be penalties? How would I go about making my proposal? I don't have the buyers name or realtor, so the only contact I have is the sellers realtor. Should I find a realtor to make the proposal? I realize this is a very unusual situation :).
Flag Mon Apr 8, 2013
Thank you so much for answering my question! So even if buyer and seller agreed, there might be penalties? How would I go about making my proposal? I don't have the buyers name or realtor, so the only contact I have is the sellers realtor. Should I find a realtor to make the proposal? I realize this is a very unusual situation :).
Flag Mon Apr 8, 2013
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