Market Conditions in Crete>Question Details

Dburresss, Home Buyer in Crete, IL

Is it true that you cant make an offer on a new listing until 10days after its been on the market?

Asked by Dburresss, Crete, IL Fri Jul 8, 2011

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There are certain instances when a seller will entertain offers from investors only after a certain waiting period (such as fannie mae houses). Generally, when the house goes on the market, seller's want offers!

Hopefully you are working with a qualified buyer's agent to help you through the process of purchasing real estate. It is important to have a professional on your side. If you haven't found someone yet, interview a few agents you find through referrals or from this website. Talk over coffee (there is a great coffee shop right downtown Crete!), find out how long the agent has been in the business, what is their background, are they full time, do they know your area of interest, etc. Treat finding an agent like hiring someone to help you with one of the most important purchases in your life (except your are not paying the agent since realtor commissions are typically paid by sellers).

I am located in Crete and would welcome the opportunity to buy you a cup of coffee and learn more about your real estate goals. Check out my website if you want to search the mls - http://snoble.illinoisproperty.com
0 votes Thank Flag Link Thu Sep 1, 2011
There are a few bank owned properties that have a waiting period, but most others are available to make an offer immediately. I have even had buyers make an offer "Subject to viewing!" We don't see that very often though!
Web Reference: http://www.MyHomeIsHere.com
0 votes Thank Flag Link Sat Jul 9, 2011
Some REO's are not available to investors or secondary home buyers after this amount of time
0 votes Thank Flag Link Sat Jul 9, 2011
No, you can make an offer on a property as soon as it hits the market.

One of the only limitations on offers that I have seen is with REO properties where they may not allow "investor" offers for 10 days after a property hits the market as they will allow "owner occupied" offers 1st.

I hope this helps!
0 votes Thank Flag Link Sat Jul 9, 2011
Absolutely Wrong, you can make an offer a minute after it is put on the MLS if you can find it that quick, You can even put an offer in with the Realtor before it makes the MLS, They will still list it of course, but if your offer gets accepted they'll be changing the listing to Pending, Good Luck!
0 votes Thank Flag Link Fri Jul 8, 2011
Hello Home Buyer,
I have seen some foreclosures in my area where the listing agent has stated that they will begin accepting offers to present to the bank a certain number of days after the property is listed on the MLS. I believe it is to allow buyers to view the property and for everyone to submit their offers within a certain time frame so that the bank has multiple offers all at once to select from.

However; I haven't seen this on any normal homes that are for sale as it really wouldn't be in the seller's best interests to attach a time frame on having offers presented. Most sellers hope to sell as quickly as possible.
Hope this clarifies.
Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Jul 8, 2011
No. Of course not. You can make an offer as soon as a property's listed. (What would be the purpose of listing a property and then not taking offers? And think back a few years when properties sold within a few hours of being listed.)

If your own agent told you that, call up that agent's broker and repeat the story to him/her.

If someone else told you that, ignore it.
0 votes Thank Flag Link Fri Jul 8, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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No! it is not true. Seek the advice of a local Realtor.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Fri Jul 8, 2011
serious nonsense.

it's possible that the seller/listing agent are not "accepting" offers until 10 days after entry to the market, but there is no rule in place that says you can't make an offer on the first day!
0 votes Thank Flag Link Fri Jul 8, 2011
Alan May, Real Estate Pro in 60201
MVP'08
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