Lovethehouse, Home Buyer in Rockaway Beach, NY

is it recommended to make a higher offer on a house that is already in contract or is it too late?

Asked by Lovethehouse, Rockaway Beach, NY Tue Jun 21, 2011

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If it is in full contract then it is too late. You should take a shot at submitting your offer just in case the current contract falls through.
0 votes Thank Flag Link Tue Jun 21, 2011
Hi Lovethehouse,

If the property is already in contract (signed by all parties), then the most you can do is submit a back-up offer in case the current deal falls apart. If you have a Realtor, ask them to contact the Listing Agent and ask if the seller is accepting backup offers. If they are, submit one. (In this market, it is becoming more and more common for backup offers to end up being the people to get the home). If the Listing Agent says they are not accepting backup offers, have your Realtor ask the Listing Agent to keep their name and number is case the current deal falls apart.

Shanna Rogers
SR Realty
0 votes Thank Flag Link Tue Jun 21, 2011
If the property is fully in contract--signed by all parties and money was exchanged-- your offer would be a back offer, and it could only be considered if the current deal falls apart; therefore consider continuing your search.
0 votes Thank Flag Link Tue Jun 21, 2011
Phil is correct. If the house is actually in contract it is too late. You can leave a back up offer which will be considered if the other deal falls through. In the meantime keep looking. Prices and interest rates are great. There will be less to see on the market if you don't buy during the summer months. If you take an aggressive approach you will find another house that you love. I will be able to help you. I am both a real estate agent and an appraiser. I will help make sure you get good value. Call me to get started immediately. I cover Queens and Nassau counties. I will also provide you with a free ListingBook account which will make it easy for you to keep up with all the MLS listings on the market. Good luck!

Allen Bauman
Licensed R.E. Agent
Century21 Yve R.E.
NYS Certified Residential Appraiser
0 votes Thank Flag Link Tue Jun 21, 2011
No, it is not recommended since there is already an executed contract. You will probably be wasting your time because it will only be considered as a back up offer. Also, how do you know if your offer would be higher? Nobody is supposed to disclose the contract price until the house is closed and the deed has passed.
0 votes Thank Flag Link Tue Jun 21, 2011
If there is an executed contract in place, your only option is to write a back-up offer on the home just in case the primary contract does not close.
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0 votes Thank Flag Link Tue Jun 21, 2011
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