Home Buying in Phoenix>Question Details

Phoenix Buyer, Home Buyer in Phoenix, AZ

House is "Pending with contingency". Is it worth it to write a back up offer or just waste of time---it's an REO?

Asked by Phoenix Buyer, Phoenix, AZ Sun Dec 11, 2011

Help the community by answering this question:


If you like the home, thei would put a backup offer in. You never know if the offer in first position may back out or not qualify. It would be advisable to have your agent speak to the listing agent prior to submitting your backup offer for any additional insight.

Best of luck.
Web Reference: http://Www.jameswehner.com
0 votes Thank Flag Link Mon Dec 12, 2011
What is time. If you like the home time to write an offer is very minimal, have your agent call the sellers agent and see how the escrow is going.
0 votes Thank Flag Link Mon Dec 12, 2011
It's best to ask the listing agent. Usually if there are contingencies, theres a chance that they are open to back ups!
0 votes Thank Flag Link Mon Dec 12, 2011
Something else to consider is are there all ready back up offers in place. If this is the case it may change your outlook on the property completely.

Another approach is having your agent submit a written letter indication that should the present transaction not work out that you would appreciate being made aware immediately. Agents generally appreciate this because it provides them with a possible back up plan. This type of arrangement will also leave you in a position of being able to explore other options without being committed to an agreement that may never come to fruition.

Good luck,

0 votes Thank Flag Link Mon Dec 12, 2011
If you really want the house put a back up in sometimes deals fall out but be prepare to wait and still put offers on other houses so you don't get caught with no hiuse.
0 votes Thank Flag Link Sun Dec 11, 2011
Ask your agent if it is a cash offer, if it is it is very unlikely that it will fall out, but if it is financing make an offer, but not only will they consider your offer a back up but you should as well. Keep looking, either way if you have or have not found a house they will ask you if you are still interested.
Ginancing falls out all the time, I've seen houses go into contract 2 and 3 times before they close especially the fannie and freddie houses that favor owner occupants that are usually fnanced.
0 votes Thank Flag Link Sun Dec 11, 2011
Dear Phoenix:

This is a common short sale situation, where the seller has accepted the contract but waiting for their bank to approve the contract. Many, many buyers walk during this wait. So, if you are in place with your backup offer, you have a deceht chance of stepping in.

Jeff Masich
HomeSmart Realty
Arizona Homes and Land
Web Reference: http://ArizonaHomesLand.com
0 votes Thank Flag Link Sun Dec 11, 2011
Buyers are dropping like flies in this market. Sometimes its credit and sometimes the person just gets tired of waiting. If you like the house, definitely put in a back up offer but don't use the Listing Agent, find your own agent who represents only you and your interests. I have written many back ups and often my client comes up the winner when the "best" deal falls apart.

Fred Shocklie
Owner of MoreChoices Real Estate LLC
Web Reference: http://www.morechoices.net
0 votes Thank Flag Link Sun Dec 11, 2011
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0 votes Thank Flag Link Sun Dec 11, 2011
Tough question to answer when I don't know all the circumstances involved. I've written many back-up offers for my clients in the past and the first offer fell through and they got the property. So if it's something you really want, I would say give it a shot. It doesn't take that long to do. But keep looking and don't count on it as they don't always come through.
Good Luck
Lorrie Feld
0 votes Thank Flag Link Sun Dec 11, 2011
Unless you just can't live without this house, I would move on....there are too many other properties on the market to waste a lot of time on one you MAY not get.
0 votes Thank Flag Link Sun Dec 11, 2011
My vote? Waste of time! Life is too short and there are PLENTY of other properties available and coming available. But if you're not working with a Buyer's Agent, then you need to have your head examined.
0 votes Thank Flag Link Sun Dec 11, 2011
Depends on what type of offer was submitted. It you are competing with a cash investor or cash owner occupied your probabilities are minimal. Rather than wait there are plenty of other properties available in spite the lower inventory.

If I can be of assistance, my contact information is below.

Best regards,

Milly Casas

Milly Sells AZ

e-mail: milly@millycasas.com
0 votes Thank Flag Link Sun Dec 11, 2011
If it is a REO, than you can see how far long the process is by talking to the listing agent, or better yet, having a buyer's agent negotiate that for you!
0 votes Thank Flag Link Sun Dec 11, 2011
Talk to the listing agent and find out if it's worth your time. If the offer they have is in jeopardy of falling through you will be next in line if you have a backup offer in and ill speed up the process. On the other hand many banks don't want backup offers, as it requires them to complete more paperwork, and if the offer falls through the property will go back on the market. Either way the listing agent should be able to help shed light on the situation.
0 votes Thank Flag Link Sun Dec 11, 2011
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