There is nothing that would prevent you from writing and presenting a back offer on a short sale property .
In fact, if you really like the home, I would suggest it.
For more than one reason initial offers can fall out from things like buyer financing problems, buyer remorse, uncertainty of the market and so on.
One thing you should still remember though is that it is a "back up" offer. Communication will be "Zero" as of the status unless you are contacted to ask if you would like to purchase the home because the other offer fell through.
Most importantly, there may also be other back up offers so be aware that your's will be among those the seller will consider so be smart about what you are asking the seller to contribute with stuff like closing costs and home warranty and so on and with the amount you are offering.
Good Luck To You!
Stew Keene - Home Smart Realty
Certified Short Sale Negotiator
Given only about 1 in 6 or 7 short sales close escrow in general, being a backup to a short sale generally is an excellent way of never purchasing.
Best of luck!
Absolutely! Your agent should find out as much as possible from the listing agent about the current offer, then act accordingly. I would also keep a close eye on the property's status. Best of luck to you. Congratulations on your quest to purchase real estate.
Citywide Real Estate, bank owned property specialists
Direct: (480) 203-4364
Yes backup are a really important part of a short sale. Here is the key, have your agent talk to the listing agent, get all the specifics of the existing offer submitted like, purchase price, seller contribution, cash, conventional, fha, then submit the exact same offer, reason is if the original backs out you can be put in place and all that needs to be done is a name change the net to the bank is the same. But this doesn't always work sometimes the bank wants to start all over from the beginning. Hope that helps.
Good question. Even if the listing is coded AWC, Accepted with Contingency it is wise to place a back up offer if you like the home.
Why, most short sales have an issue and buyers often walk, not wanting to wait for the bank and seller to conclude the transaction. Also, the bank can ask for another offer, even if the seller has accepted a purchase contract from the another buyer. In a short sale the purchase contract is contingent on the lender accepting the offer.
So, if you want to be in a good position, yes....submit your backup offer. You may just get the home.
May I wish you the best.
Thanks for the question
Phyllis JC Anderson, GRI, AHWD
Liberty One Realty
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