Home Buying in West Deptford>Question Details

Jenniferr0177, Home Buyer in 08063

What does it mean if you bid on a house and the other agent tells you that it has contracts pending? It does not state anything on the MLS.

Asked by Jenniferr0177, 08063 Fri Aug 16, 2013

It has been almost 10 days. is the other agent full of crap? I thought in NJ they had a time frame to post it in the MLS. We were told there was a cash buyer and thats why they could not accept my bid because I was contingent which is fine. I feel the whole situation was handled poorly considered the realtor of the selling property never got back to us until almost 5 days after my bid was submitted.

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5
Jennifer,

You are not the first to travel down this road. Very simply, you didn't act quick enough to get on the inside track. Cash buyers almost always have an edge on buyers that need to finance. Having a cash buyer removes the uncertainty that is associated with a financed one. Too many sellers have been "burned" by going to contract, essentially taking their property off the market for an extended periiod of time, only to find out that their mortgage was denied.

The reason the seller's agent didn't respond to you may have been because they all ready had multiple offers on the table that included cash offers.

Today's market is a competitive one....buyers that win on landing great opportunities do so because they, understand the local market, know the buying process, and are prepared to act quickly when an opportunity presents itself.

It is disappointing to lose out on a home that seemed right for you but understand that each of these experiences brings you closer to the one that will meet with success. Keep trying....

Bill
0 votes Thank Flag Link Sat Aug 17, 2013
It is possible the other offer was a better offer.
If there are multiple offers they make take longer to respond to the 1st offer so that they can review all the offers.
0 votes Thank Flag Link Sat Aug 17, 2013
Is the house you put an offer in on a short sale?
0 votes Thank Flag Link Fri Aug 16, 2013
It sounds like perhaps the listing agent forgot to update the MLS. They should have notified you right a way that there is another offer. This does not mean that you offer should be thrown away. In my opinion, it is in the best interest of the seller to have a back up offer in case the first one falls through for some reason. You might want to talk to your agent about that... if you are still interested in the house.
0 votes Thank Flag Link Fri Aug 16, 2013
Sounds like the property is currently under contract with another buyer... that being the case, you'll be notified if/when the other deal falls through,..

Should they be communicating more, absolutely. Unfortunately, the industry as a whole seems to have an issue with timely follow-up.
0 votes Thank Flag Link Fri Aug 16, 2013
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