Home Buying in Mankato>Question Details

Ann, Home Buyer in Mankato, MN

How long does it normally take for a contingent offer to be accepted or declined before a back up offer will be looked at?

Asked by Ann, Mankato, MN Sun Mar 10, 2013

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Hi, Ann!
Oh, this is SUUUUUUUCHH a great question!! But, I'm not exactly sure what you mean.

When we, as agents refer to an offer being "contingent", it generally means that the BUYER has submitted an offer to the SELLER contingent upon the sale of the house they currently own.

But, I'm wondering if you mean an offer presented to the seller that's "contingent" upon bank approval, meaning the seller's lender has the right to decide whether or not that first offer is going to go through because the sellers are doing a short sale.

Which is it?? Because these 2 scenarios would have very different answers!! :D

Scenario #1 would be accepted, rejected or negotiated within pretty short order, generally within a day or 2. Scenario #2 has NO time line that anyone can quote with any certainty. The banks take as long as they take. Sometimes the buyers on the first offer just lose patience and withdraw their offer, but that is more difficult to do these days without that language being written in to the contract.

Does this help???
Good luck~
0 votes Thank Flag Link Mon Apr 8, 2013
There is no "normal" timeline, a backup offer is only looked at if the original offer falls apart. This could be anytime starting with the first week when a buyer typically does their inspection all the way to the closing date at which point there may be financing issues that kill the deal. If you have a backup offer you will have to wait until the day after the closing (unless of course it falls apart earlier) to finally have confirmation that the deal closed.
0 votes Thank Flag Link Mon Mar 11, 2013
Hi Ann,
We see very few contingent offers on regular PA's these days so I am assuming you are asking about a bank-owned property. I tell my clients to be ready to wait 90 to 120 days for an answer on these, and even then it may not be the answer we want to hear. Your Realtor should prep you on all possibilities.
Web Reference: http://www.mywra.net
0 votes Thank Flag Link Mon Mar 11, 2013
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