Home Buying in Chicago>Question Details

chodg3, Home Buyer in Island Lake, IL

MLS status:CTG & Contingecy: SS

Asked by chodg3, Island Lake, IL Wed Dec 12, 2012

Can a home with a CTG status and SS Contingency still accept an offer?

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EdithJasser YourRealtor4Life’s answer
Yes they can, unless the instructions to the listing agent are NO MORE Offers..... On the other hand
think about why you would want to do that. You should probably work with an experienced area Realtor, who can advise you in YOUR best interest what to do, just because you represent an offer,
that does not mean that it will be taken into consideration... and depending on circumstances and
type of property, you may be better off looking at another property to make your offer.

But no matter what, you truly should as a buyer work with an experienced area Buyers Agent, to have
an experienced Professional on your side with expertise in the local market so that you will get the
best advice and support in your search for your perfect property. Remember that the Buyers Agent
in most cases does not require a fee from YOU the buyer, as most if not all listings on the MLS, i.e.
homes listed by a brokerage/listing agent the buyers agent will be paid out of the proceeds of the
sellers at the closing table. What is required from YOU the buyer is your commitment to one Realtor and your loyalty to that Buyers Agent.

So you may be well advised to seek the services of a local Buyers Agent, and if you need recommendations get back to us.


Hope this helps...

Most Sincerely yours,
Edith YourRealtor4Life and your Chicago and Northern Illinois and RElocation Expert
Working always in the very BEST interest of her clients at @Properties North Shore
Edith speaks French, German, Spanish & more
Get to know Edith and her Service her website is
http://tinyurl.com/YourRealtor4Life
EdithDoesItRight@yahoo.com
1 vote Thank Flag Link Thu Dec 13, 2012
CTG means that an offer has been accepted by the property, but there are still "contingencies" to be cleared (such as inspection, attorney review, or mortgage)... I have seen back-up offers accepted during this time, that have eventually been the purchaser of the property... but it's less likely...

Sometimes a CTG offer is just waiting for a back up offer.

Ask your Realtor to contact the listing agent, and ask a question about the solidity of the offer.
1 vote Thank Flag Link Wed Dec 12, 2012
for the most part... yes, you're correct... the best (if not only) time to write an offer for a short-sale... is during the "ACTV" period.
Flag Mon Dec 17, 2012
So the only way to have any hope with a Short Sale is to catch it when it is in ACTV Status?
Flag Wed Dec 12, 2012
Alan May, Real Estate Pro in 60201
MVP'08
Contact
Absolutely - they typically will accept back up offers in the event that the current one falls through.

If you are looking to purchase a home and aren't currently working with anyone exclusively - please contact me prior to doing so. I offer world-class incentives to home buyers that can put some extra money in your pocket. It's definitely worth shooting me an email to at least get the details. If you have any questions, please don't hesitate to contact me via my website - http://www.SelectiveBuyer.com, or via email/phone. Good luck in your search!

Thanks,
Terry Farnsworth
Licensed Broker
Prospect Equities Premier
http://www.SelectiveBuyer.com
terryfarnsworth@prospectequities.com
0 votes Thank Flag Link Thu Dec 20, 2012
Yes, but make sure you keep your options open since you might end up not getting the home. Good luck!

Jorge Vega
Newman Realty Group
773-627-7608
http://www.searchingillinois.com
0 votes Thank Flag Link Thu Dec 20, 2012
Heck yes! You never know if the current deal will go through. People lose financing, change their minds, etc.
0 votes Thank Flag Link Sun Dec 16, 2012
yes I agree you can always submit a backup offer email me at jmichaels@remax.net and I can assist
0 votes Thank Flag Link Fri Dec 14, 2012
CTG means that they accepted an offer however it is contingent upon something that still needs to be resolved such as financing, inspection, home contigency, etc. SS means that it is pending bank approval as it is a short sale. You can always submit backup offers as many of the deals, especially short sales, fall apart.


Sohail A. Salahuddin | Founder

Innovative Property Consultants Group | Sales and Leasing

http://www.innovativepropertyconsultants.com



Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 


O: 312.335.3230 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Thu Dec 13, 2012
The sellers can accept other offers only as back up offers when their listing is in the CTG or SS status.
0 votes Thank Flag Link Thu Dec 13, 2012
I do many short sales and encourage buyers agents to write up the offer and submit even if we have the property under contract. We will keep in file as back up and if the deal falls thru for the first buyer would most certainly call back those that submitted an offer. What didn't work for one buyer may work for another. Often we find out in the first month that a buyers financing may not qualify for the property based on certain factors.

Keep in mind listing agents of short sales and foreclosures get numerous calls on the property even after under contract. It becomes cumbersome to keep every buyer and buyers agents name, number and interest level noted. If truly interested what does it hurt to write up the contract? Just make sure you have a lender pre-approval and or proof of funds included.

Happy holidays!
Laura Meier
Broker
@properties
212 E. Ohio
Chicago IL 60611
see my other listings at http://www.atproperties.com/laurameier
0 votes Thank Flag Link Thu Dec 13, 2012
All real estate brokers are bound by law to present any offer up until the actual time of closing. But, that is all they are obligated to do, and both custom and other law practice may result in the first offer being the one that closes, regardless of higher price or better terms in the back up offer.
0 votes Thank Flag Link Thu Dec 13, 2012
Possible, but that is a legal issue that the attorney for the seller would have to decide based on the status of the contract they currently have agreed to. It often tends to become a back uop offer if/when the current contract they have accepted walks away.
0 votes Thank Flag Link Thu Dec 13, 2012
Send a back up offer if you want it short sales many times will come back on the market you have nothing to loose if you find somting before nothing lost however if the first offer backs out and someone else has a offer in they will be the on to get the property best wishes!!
0 votes Thank Flag Link Wed Dec 12, 2012
no they cannot. They can look at back up offers, but not accept one.
0 votes Thank Flag Link Wed Dec 12, 2012
Both of those indicate there is an accepted offer
0 votes Thank Flag Link Wed Dec 12, 2012
no..do not waste your time..
0 votes Thank Flag Link Wed Dec 12, 2012
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