Home Buying in Naples>Question Details

Rikkey, Home Buyer in Pittsburgh, PA

can you make offer on foreclosure with sale pending and is it only accepted if other offer fails. Or will bank take higher of the two offers

Asked by Rikkey, Pittsburgh, PA Wed Feb 6, 2013

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Jesse McGreevy 239-898-5329’s answer
They will put back on market and try and generate multiple bids......They will always get the market involved so as to not leave any money on the table.

jessemcgreevy@gmail.com
239-898-5329
http://www.Domain-RealtyGroup.com
0 votes Thank Flag Link Wed Feb 6, 2013
Great question. The best bet is to contact the representing Listing Agent's office or contact your preferred Real Estate Agent to follow up with the Listing Agent office. They will have the best answer for you.
However, in general terms, yes all offers can be submitted even when a property is in a contingent status. It may likely be held as a back up offer in the event the current Buyer contract does not work out. Thanks.
0 votes Thank Flag Link Wed Feb 6, 2013
Good answers below; want someone look for you and to help you? Call KathyBC 800-448-3411 x 601 (2/7)
0 votes Thank Flag Link Wed Feb 6, 2013
If it is "Pending With Contingencies" they will take a back up offer.
0 votes Thank Flag Link Wed Feb 6, 2013
Hi Rikkey,
Generally a foreclosure property has one accepted offer by the bank. If it falls through, there is a possibility that the listing will become active again and the lender will entertain offers.
You should discuss this with your Realtor, and lenders vary as to how they will select offers. The listing Realtor is usually knowlegeable of their client's process.
Good luck.

Mary Horesco, Realtor
"Outstanding Performance Award Winner"
Downing-Frye Realty, Inc.
239-293-9434
Web Reference: http://www.maryhoresco.com
0 votes Thank Flag Link Wed Feb 6, 2013
I would agree that banks usually ask for the highest and best offer by a certain cut-off time. Once that time has arrived, they do not accept additional offers. If it happens to be one where someone was willing to take backups, then yes, it would only be considered if the other falls through. Additional, if it's been a multiple offer situation, they often go back to one of the other original offers. Talk to your REALTOR.
0 votes Thank Flag Link Wed Feb 6, 2013
If the sale is pending, It is under contract. Usually a "backup" offer will be accepted, but that contract can only be executed if the pending contract falls through. The bank cannot just take the higher of the two.
0 votes Thank Flag Link Wed Feb 6, 2013
Bank will usually ask for final and best offer when multiple offers come in.
0 votes Thank Flag Link Wed Feb 6, 2013
You usually can not make an offer on a bank owned home that is pending. The bank does not usually take back up offers and will not even look at it. if the first offer does fail, the property is put back on teh open market for multiple offers. You would need to know the minute it fails an dthen submit your offer.
0 votes Thank Flag Link Wed Feb 6, 2013
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