You bet you can especially if it's a short sale or foreclosure as they tend to be rocky until the end.
Remember, until a home has closed you can place an offer it may be in vain but if you really want that home go for it.
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Dave Lowe, broker
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The best way is to get the Agent that is representing you to ask the listing Agent if they are still taking back up offers, if they do submit your highest and best. If the house is active with contract is most likely that you can still submit an offer. Get an Agent that knows the terms of Real Estate so they can represent you properly.
Marta M. Rosario
Charles Rutenberg Realty
You can bring your offer to the closing table and call the sellers out side to look at it, both you and the seller have that right.
If the seller chose your offer and don't close they have that right.
But I am sure there will be some legal issue's and lawsuits flying, but you both have that right.
However before doing something wild like the above example I highly recommend you seriously consult with a competent attorney first.
Fun times at the closing table,
If the primary offer fails, then your offer would be considered.
Make sure if the primary offer is not executed and your offer is moved to primary that you receive a signed release document that the first buyer has removed himself from the 1st contract.
What did your Realtor say?
You can always make an offer. If you do, it would be wise for your Realtor to talk with the listing agent and find out as much as possible about the sale BEFORE you go to any extra work. Sometimes just a phone call will save you a lot of time.
If the seller does accept your offer as a back up offer, get that in writing. Have a plan in place with your Realtor so you know what is going to happen when. Unmet expectations can cause everyone a lot of unnecessary grief.
In short,yes you can. Many times deals fall through for various reasons..But as mentioned before,there are so many properties available you should be able to find what you want without waiting. Get an agent and go for it.
I just returned from a short sale/Bank Owned seminar. It seems to be all that is selling here recently and for good reason great values for the Buyer. I will tell you what our instructor told us. He does this for a living, negotiates short sales. First of all, only about 25% of the offers that are submitted for a short sale ever get approved or get to closing. Second, Banks are not a party to the contract, they just hold the keys to the house sale, they have to approve the "short sale". Banks will most always encourage multiple offers, but the reality is each offer that is submitted (even in back up) adds time to the bank response time which can be weeks or months. This is very frustrating for all parties involved, the waiting game.
Thoughtful advice, Do not go for a pended or back up position. There are many homes out there right now to pick from and the experts discourage multiple offers either on same property or multiple properties, in fact in our Multiple list system it is required for a Realtor to mark the house as pended with no other offers accepted. I understand the process for approval on short sale can take weeks or months and there is a growing agenda out there to take more and more offers.
Can back ups be written? Of course. But why? If you ever want a chance to close on it. If you have time and this is the only house available then go for it, but I would not send in a back up to the bank until the first position offer has been declined. lf it is a Bank Owned or a traditional seller, the seller usually decides if they would take back ups, but again only in second position. When pended and unless other wise noted in the MLS, taking offers on a pended property would be unethical by the listing agent. In about a month our system will have a way to let us know that a home is pended in short sale and that back ups would be accepted.
Better Advice, find yourself a Buyers Agent and go out and find you a home you can be in first position with! I am asking a lot of questions on behalf of my buyers on each and every home we view, in order to facilitate this process. Make sure the list agent has some experience with this short sale process. This was the point of the seminar I attended today. How to get Short Sales Closed! Very Informative.
Bank Owed or REO properties are not as frustrating for buyers as short sales and many more of these bank owned are coming on the market everyday. Again, find an agent that can keep an eye on your target market for you DAILY, to score the best deal! I hope this helps and please visit my website for more helpful information or representation request if you are currently not being represented by a Buyers Agent.
up status incase the other contract fails to go through. You might
want to ask the person handling it, if they would put your contract
in first position back up and contact you when the other contract
falls through. Good Luck and let me know if you need help.
Keller Williams At The Parks Realty