Home Buying in Miami>Question Details

Looking2buy, Home Buyer in Miami, 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 Looking2buy, Miami, FL Thu May 16, 2013

Help the community by answering this question:

Answers

9
If there are other properties available for sale then I see no reason to pursue the one under contract. Other than the delays of a short sale process, there are numerous delays often on REO properties typically related to title, the Seller will continue to grant extensions for as long as the Buyer remains interested, there is also the estate/probate sales, I recently closed one, under contract for nearly six months, now I have another one, we just extended until the end of July. I don't know about other Realtors but my Clients will not let go of a good deal.
2 votes Thank Flag Link Thu May 16, 2013
It depends. If it is an estate, you can make an offer right up to the closing on the property. If it is not, you could make an offer and ask to be the back up offer. We find in this market sometimes the back up offers get the property. Though, remember an owner can only sign one offer at a time.
1 vote Thank Flag Link Fri May 17, 2013
Thanks
Flag Sun Jun 9, 2013
I would suggest Buyers to move on to another property . If a property is under pending status . It most likely will be closing in a timely manner . You don't want to fall in love with a property and not be able to purchase it . Buyers buy on emotion . Most agents in todays market will put a property in B status which means Back up Contract until they feel the property will be closing soon and change to Pending Status.
1 vote Thank Flag Link Thu May 16, 2013
Lately, it has been a waste of time to make a "Back-Up" offer, especially after a protracted amount of time:
The Banks believe that the Market has gone up, along with the Comps, and they will be able to LIST for more, get multiple offers, and sell it for more.
Just have your Realtor keep and eye on it and look for something else.
1 vote Thank Flag Link Thu May 16, 2013
Case by case basis, contact the listing agent for details on each or see if your buyer's agent can get you more information or dicuss the particular property or properties with you and you buying strategy, wants and needs.
If you need anything further please feel free to call me during normal business hours at the contact info in our website link below. And please also send your email address and phone number, I'll be excited to help you with all your real estate needs and honored for the business opportunities.
0 votes Thank Flag Link Fri May 17, 2013
Hello Sir,

You can have you're agent contact the listing agent of the property to find out if the deal is solid or if they see any problems with the transaction. Usually when they are unsure of the offer they will put it on Back-up status to receive Back-Up offers, if you have any further question I'm only a phone call away, thank you have a great day.

Luis Giannattasio
REO/Short Sale Certified
Lic. Realtor
Cell: 786-326-6172
Xcellence Realty
Fax: 305-246-2525
sellingmiamihomes@gmail.com
Web sellingmiamihomes.net
0 votes Thank Flag Link Fri May 17, 2013
We have 3 types of properties properties "for sale":

1) Short Sale - these may take a year to close so may come back on the market every 3 or 4 months when the current buyer gives up. If you are paying ALL CASH you may find a Seller who will consider a backup offer. Also if the listing price has never been approved it may be required to sell significantly above the asking price. The asking price is pure fiction so don't believe you can buy the property even at full asking if the price is below market.

2) REO - bank owned - generally these ones don't take backup offers, they'll simply put it back on the market if the contract fails.

3) Regular sale where an owner has equity. This type may be worth putting in a backup offer but generally if they fail it is during the first two weeks if a buyer tries to renegotiate after inspections. A seller may just tell that buyer to go away if he has a backup offer in hand.
0 votes Thank Flag Link Fri May 17, 2013
Usually agents put the B letter on the listing IF they accept back up offers (B stands for Back up offers being accepted). If the Pending sale status shows for several months, its most likely a short sale and procedures between banks, title company and third parties are taking long (short sale takes anywhere between 3-9 months).
If you need any assistance with purchasing a property please contact me directly at meg@viviendarealtors.com
0 votes Thank Flag Link Thu May 16, 2013
You can always make an offer, even if it has a pending contact. When you make an offer on a contract pending property, you can make a back offer so if the original property falls through, you'll be first up. Some properties can take awhile to close, such as foreclosures and short sales. Contact a local REALTOR to look into the property for you and maybe they can tell you more about the property.
0 votes Thank Flag Link Thu May 16, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer