Home Buying in Summit County>Question Details

Cindy, Home Buyer in Cuyahoga Falls, OH

ARE YOU allowed to look at a house that has the status of contingent, since technically their deal could fall?

Asked by Cindy, Cuyahoga Falls, OH Mon Feb 2, 2009

thru. what gives that status............if they are contingent on selling their home or contingent on financing?

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Absolutely, In this market many deals never come to fruition and most realtors would welcome backup offers. Getting loan committment on deals is difficult at times and most listings agents would allow other potential QUALIFIED buyers to be ready when and if the current deals falls through.
0 votes Thank Flag Link Mon Feb 2, 2009
Cindy:

Yes you can tour a home when it is in contract. Deals do sometimes fall apart. If this is a bank owned home-there are no home sale contingencies allowed. If it is a traditional listing (not REO) and is contingent on the sale of a home it will be disclosed in the MLS. Your agent should be able to find out this info. There is normally an escape clause for the seller if another buyer with no sale contingency makes an offer.

Ask your agent to see the property-I am sure the seller will oblige. If you like it, you can put in a back up offer so you can pick up where the buyer left off if they decide to terminate the agreement.

A good number of foreclosures come back onto the market after inspections. Buyers get scared when they see all the work that needs to be done. Homes do not hold up well in our area when left vacant for long periods of time. (moldy wet basements due to no electric to the sump pump, flooded HVAC systems, pipes burst, roof leaks that were never repaired, etc.)
0 votes Thank Flag Link Mon Feb 2, 2009
Hi Cindy,
The listing agent is bound to present ALL offers until the property is transferred UNLESS THE SELLER HAS INSTRUCTED THE LISTING AGENT that they do not wish to accept any secobdary offers.
The reality is that pending deals do not ALL CLose.
By the same token, you do not want to tie yourself up in a pending deal that could tie you up or cost you money!
If i can assist you in finding other homes for sale in your area, please give me a call at 440-487-2193 or e-mail me at jwirsing@kw.com
John Wirsing
Keller Williams Realty Greater Cleveland
0 votes Thank Flag Link Mon Feb 2, 2009
Hi Cindy,
if you really are wanting this house than ask your agent to call the other agent to see if you can put in a backup offer. Just incase the buyer backs out of the deal..Have your agent stay in touch to see how the inspection goes. Many listing fall out of contract and they go back on the market. I hope that helps you
0 votes Thank Flag Link Mon Feb 2, 2009
Hi Cindy:
Thank's for the question. Yes, if the property is in contingent status and the lister would like to show for seconds your agent may do so. Your agent really should call the listing agent and see how strong the offer is before taking you out to view the home. Good luck and if I may be of any assistance, contact me or view my website .
Web Reference: http://jeanninesells.com
0 votes Thank Flag Link Mon Feb 2, 2009
Cindy,

Your agent should be able to help you with this. One thing about real estate is that, all too often, things really aren't what they seem to be.

Agents show property all the time that have contracts in place, usually until all contingencies have been satisfied. The determining factor is the "seller" and how they wish to proceed.

Good luck
0 votes Thank Flag Link Mon Feb 2, 2009
Cindy,I would have your Realtor,call to get you in,They should show for back up,if the listing agent isnt playing games.Some may not,good luck.

Regards;

TJ
Web Reference: http://tjroberts.remax.com
0 votes Thank Flag Link Mon Feb 2, 2009
Hi Cindy,

Exactly for the reason you stated, Yes. A deal is never done until the day of closing!

Tim
tfitzgerald@c21proteam.com
815-353-1901
0 votes Thank Flag Link Mon Feb 2, 2009
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