Moneyhungri, Both Buyer and Seller in Fort Lauderdale, FL

If a house has had a sale pending status for a few months, is it okay to still try and make an offer, or is it off limits until the status changes?

Asked by Moneyhungri, Fort Lauderdale, FL Fri May 10, 2013

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It depends if they are accepting Back up offers. Your agent should contact the listing agent to find this out. It doesn't hurt to try.

Keep in mind, short sales may stay in Pending Status for quite some time, as it takes time for the bank to approve a short sale.

If you are looking for your personal residence, I wouldn't count on a pending sale falling through. If this property is for you to live in, look for properties that are currently acitve...you are less likely to waste your time. If you are an investor, that is different, and you can wait it out to see if the other contract falls through.

Best of luck!
Stefanie Cohen, PA, ABR, SFR
Prudential Florida Realty
0 votes Thank Flag Link Fri May 10, 2013
About 10-20% of deals fall apart, so if you're really desperate for this home in Fort Lauderdale, ask your agent to inquire about a back-up offer. Typically, most sales that are waiting around for bank approval (if they're short sales) or mortgage approval (if they are regular sales) are marked "contingent."

Usually, by the time a sale is marked "pending," it is days away from a closing. But....you never know.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Fri May 10, 2013
If your an investor, Yes. Your agent can ask the seller's agent whats the scenario with their current offer and from there you can decide if its worthwhile.

If you are a first time home buyer looking for a primary residence, No. Submitting backup offers are really for investors. First time home buyers should always look to be first on the list. While your waiting for that back up to be a first preference offer, you will probably be missing out on other deals.

However, if you're working with a skill agent as a first time home buyer, back offers can be a "safety net tool". What I mean by this is that you can submit back up offers on multiply properties with cancellation contingencies while still shopping around to make your offer first preference.

Hope that helped.
0 votes Thank Flag Link Fri May 10, 2013
You are likely looking at a short-sale, since they take from 3 to 12 months to close. You can ask your agent to contact the sellers agent and find out if they will accept a back-up offer, only then it will be ok to submit. But keep in mind (unless you are an investor) that it will likely lead to wasted time and broken hearts. No individual looking for a primary residence should wait on short-sale back-up. The likelihood of you getting it is under 20%. Don't let other good deals pass you by why you wait.
0 votes Thank Flag Link Fri May 10, 2013
Discuss with your agent; you could make a back up offer--only entertainable if, and when, the current deal should fall apart....
0 votes Thank Flag Link Fri May 10, 2013
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