Home Buying in Miami>Question Details

Joyceekeeley, Home Buyer in Tampa, FL

If a house is listed as "contingency," but I make a cash offer, can the house owner accept my offer instead of the contingent one?

Asked by Joyceekeeley, Tampa, FL Tue Mar 6, 2012

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Unfortunately unless the current buyer is unable to perform the seller should not cancel just to accept a higher or better offer. The seller and their agent would have some legal issues if they decided to do this. However, they can accept you as a back-up offer so that if the current buyer fails to perform you can seamlessly slip in as the new buyer and the property will not be put back on the market.
1 vote Thank Flag Link Tue Mar 6, 2012
If a property is already under contract, there is not much you can do.. If the current buyer is unable to perform their responsibility of the contract then the property will become available again. You could ask if the seller is taking backup offers. If they are, you can then submit a backup offer and next should the first contract fall through.
0 votes Thank Flag Link Tue Mar 20, 2012
Every offer will have some kind of contingency whether it be inspection, closing date ect. If the seller has already accepted a contract and signed a contract with a contingency... all you can do is submit a backup and hope the contingency is enforced.
0 votes Thank Flag Link Thu Mar 8, 2012
Good Morning Ms. Keeley,

As has been answered here already, there are many possibilities here, but that would depend on how the other contract is written and the intent of the buyer and seller. Contingencies are placed on contracts all the time and when not met, there are options to renegotiate the terms so long as the parties involved are willing to do so. If you are working with an agent you may wish to have him/her inquire as to the status of the sale, and depending on the status you can can your agent approach the seller's agent to see if they are willing to consider having you as a back up offer. Being a back up offer does have some advantages, of course if the other contract fails to go through you are already in a position to proceed forward. However, if the contract does go through you may be waiting and possibly miss out on another property. I encounter this quite often with my buyers, and I usually just keep track of the property they are interested in, and periodically check in with the listing agent. Good luck in your home search, and remember to keep an open mind in your search. Should you have any questions, please feel free to contact me.

Lila Lopez
RE/MAX Advance Realty
0 votes Thank Flag Link Wed Mar 7, 2012
Joyce, a lot will depend on the specific house and offer. If the house is currently looking for Back - up offers (B) status, the agent is specifically asking for folks to continue to consider the property. However, if the house is listed as a pending sale, it's probably not a wise use of your time to concentrate on this property. There are many great deals to be had here, and focusing exclusively on one may cause you to miss the next best deal.
0 votes Thank Flag Link Tue Mar 6, 2012
It would depend on the type of contingency. If it is contingent on inspection, the inspection period has to pass and the buyer and seller would have to cancel the purchase agreement. If it's contingent on the buyer selling their current home, their could be language in the existing purchase agreement which would allow the seller to force the buyer to perform or the contract is cancelled (once again with mutual consent of both parties). If it's contingent on 3rd party approval, any offer you make would probably be a back up offer - unless the bank that is requiring the approval is willing to review other offers. But the cancellation of a purchase agreement is almost always by mutual consent of both parties.
0 votes Thank Flag Link Tue Mar 6, 2012
Call me at 305-662-2572 X 11 and we can look into options. Is this the only property you are interested in?
0 votes Thank Flag Link Tue Mar 6, 2012
Joyce, I'll be having a Listing in Tampa, call me and pass by property.
0 votes Thank Flag Link Tue Mar 6, 2012
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