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John, Home Buyer in Nevada

Could we put an offer on a home that already has a contigent offer or is there any point in doing so?

Asked by John, Nevada Sun Jul 20, 2008

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If you really like the house, and you want to throw in your hat into the ring, then go for it. Who's to know that the current offer is going to stick?

But do have your realtor check with the listing agent --- how close is the current offer to the point that the contingency will be released? Is it contingent on the buyer selling his own house? Contingent on getting the loan approved? Contingent on having inspections and repairs done?

If the listing agent is still iffy, and still looking for back up offers, then consider that your go-signal to move forward with an offer (remember, the seller can reject, counter, or accept your offer as back up --- so that's another thing you should know).

It is not at all unusual for accepted offers to fall out for diffrent reasons. The buyer: changes mind; can't get financing; doesn't want to do repairs; can't get credits for repairs or closing costs he asked for; found another house he likes better; has a disagreement with the seller. In my case, I've had a buyer lose his job the day he was supposed to clear the contingencies!

So yes, anything can happen. Good luck!
0 votes Thank Flag Link Sun Jul 20, 2008
First, you need to find out what kind of contingency there is on the property. There are many different types of contingencies and some are easier than others to satisfy. The most common types of contingencies are; inspection, appraisal, loan or sale of the buyer's property. A good realtor will be able to help advise you on the particular property and "it's" contingencies as to whether you should proceed with a backup offer.
In the current market many contingencies are not being satisfied and deals are falling through. However if you do put in a backup offer and it is accepted, you will have to wait for all of the contingencies to either be satisfied or not before you will know if you that you have a pending contract on the home. This will probably tie you up and not allow you persue other properties if something else becomes available in the meantime.
0 votes Thank Flag Link Sun Jul 20, 2008
Agree with J.R. you can always do that and hoping you can get in. Ask your Realtor to check with the listing agent on how close this counter offer is and if you can be a backup offer if you so incline and what both meant. Good to know what and the consequences of what you are trying to accomplish. Your Realtor will explain all that to you!

Sylvia
0 votes Thank Flag Link Sun Jul 20, 2008
Sylvia Barry,…, Real Estate Pro in Novato, CA
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What do you mean "contingent offer"? I would definitely recommend putting an offer in on a home that already has an accepted offer. I see houses falling out of contract on MLS frequently. What do you have to lose?
0 votes Thank Flag Link Sun Jul 20, 2008
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