Home Buying in 21117>Question Details

Sara, Home Buyer in Columbia, MD

Submiting a back up offer on a short sale

Asked by Sara, Columbia, MD Wed Jul 29, 2009

There is a short sale we wanted to buy, but we found out it's under contract and only accepting back up offers. If we submit a back up offer in the off chance that the contract falls through, and then in the mean time find something else, are we risking being bound to 2 contracts? We love the short sale and want to make sure we give ourselves every chance to get it, but given the LONG process with a SS, we don't want to wait around just to find out we lost it - and missed out on something else in the mean time.

Help the community by answering this question:

Answers

5
Keep moving regarding a home search

Submit a back up offer however confirm thru your agent requirements in order cancel, which would part of the sales offer submitted

National Featured Realtor and Consultant, Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Wed Jul 29, 2009
Go ahead and submit a "back up" offer to the short sale. You offer should be structured so the time frames on financing, home inspection even your earnest money deposit should not begin until you have received signed acceptance letters by the banks envolved.

Untill your receive the banks short sale approval letters signed by the sellers you are free to shop for another home. If you do find another home...you will need to "Nulify" the short sale contract.

Greg Myers
Re/Max Realty Group
0 votes Thank Flag Link Thu Jan 12, 2012
"None of these are guarantees you'll get the house but at least you'll know you won't be stuck with 2 offers"
nothing wrong with 2 offers. it is 2 contracts that does one in! 2 offers is the potential homebuyers intention. use an addenda already printed by the maryland association of realtors. 2 page addenda. aa standard clauses. it will keep an uninformed agnet from practicing law and putting you in harms way. simple fill in the blanks and you will be all set. i think the part you are looking for is on the bottom of 1 of the 2 pages. pretty simple and it lets you agree to everything with the seller. i dont have all the details and its late and im rambling. my point is that you should use a prewritten addenda that was written by a slimy lawyer. that is the safest way to play. also, when an agent gives advice, the first question you should ask is.....how many deals do you have under conract right this very second. if the answer is less than 3 dont listen to them as they are not a closer.
0 votes Thank Flag Link Tue Aug 17, 2010
Hi Sara, if you have really excellent credit, a good down payment, and a good salary you are a good candidate for a short sale. It does take time if the listing agent was not able to get the bank to agree to a minimum price before any contracts were received. So what to do? Bid your best offer if you really want the house. You can add a clause (your Realtor can write an addendum clause for you) that the bank notify you 24 hours before they accept your offer (so you can decline if need be) or that they respond to you within a certain time frame (even if there is a contract already) or that they give you first opportunity to decline if the first contract is not accepted. None of these are guarantees you'll get the house but at least you'll know you won't be stuck with 2 offers! Your Realtor should be helping you with this. Good luck! Cher
0 votes Thank Flag Link Wed Jul 29, 2009
You can always withdraw your offer if you should find something else in the meantime. Just be sure
the bank hasn't signed off on your offer before writing an offer on another home. I am sure your Realtor
can help you through this process and give you guidance.
0 votes Thank Flag Link Wed Jul 29, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer