Home Buying in 10314>Question Details

Dodo, Home Buyer in 10314

I'm a back up buyer, is there still a chance to buy it?

Asked by Dodo, 10314 Wed Jun 17, 2009

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7
JOSEPH RUNFOLA JR, BROKER, GRI’s answer
There is also another less common situation that may offer you the opportunity to become the #1 buyer, and that is if the original buyer comes down with a case of BUYER'S REMORSE. Sometimes our real estate market moves so fast that it seems as though we never had time to think things through before making our offers. Then once we have what we want we start to second guess our decisions, and change our minds. That is when the original buyer may back out, and you will move into position.
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Fri Jun 19, 2009
Also, have your agent monitor the progress of the deal in front of you. Sometimes deals fall apart early following the engineer's inspection. Good Luck!
Web Reference: http://www.clovelake.com
1 vote Thank Flag Link Fri Jun 19, 2009
You have a chance if the current buyer backs out for any reason or can not get the financing. I would still be looking for homes though. Good Luck.
1 vote Thank Flag Link Thu Jun 18, 2009
Yes, there is still a chance. If you truly want this home then do everything you can to buy it. Often times buyer's change their minds prior to entering into a contract, or any number of other reasons. So yes, keep the faith alive!
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Thu Jun 18, 2009
Hi Dodo,
I would presume that you made an offer on a home already in Acceptance. Other folks could do the same, so you are not a buyer yet since you may also have to compete with any other backup offers.
There is plenty of inventory of available homes on Staten Island, in all price ranges, so I'm sure that you would find some other perfect home.
Good Luck,
Robert of VIP Real Estate in Great Kills. 718-967-2600
0 votes Thank Flag Link Thu Jun 18, 2009
It's hard to tell, however, there are a large percentage of offers that do not make it to closing because of a number of reasons. Funding is a large concern at this time. Many potential buyers are finding that their credit and ability to attain money is not what they thought it was and banks are often willing to wait for higher numbers or more activity on a property they feel is desirable.
0 votes Thank Flag Link Thu Jun 18, 2009
Being a back up buyer is sort of like being on death row. You keep hoping the governor is going to call.

With all that is going on right now in the market, the governor just may call. If your offer is for a short sale property you certainly could get a call. Short sale fallout is greater than 50% in most locations across the country.

But, other situations could occur that would raise your chances such as buyer's remorse by buyer one, finance problems for the buyer, home inspection report of concern to that buyer ... the list goes on and on regarding possible ways a contract can fall through.

But, I would not pull out of the market waiting. Keep looking for a home that you might like even better and be the first to negotiate a contract.

I wish you the best.

Rick

Rick Frissell
rick@diamonddwellings.com
0 votes Thank Flag Link Thu Jun 18, 2009
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