Home Buying in Milton>Question Details

Newbiebuyer, Home Buyer in Milton, FL

I want to buy a foreclosed home that is already in pending status. Are there any options or am I out of luck?

Asked by Newbiebuyer, Milton, FL Sun May 10, 2009

We found the "almost" perfect house and it's "almost" perfect because it has a buyer in pending status already. Can we offer a bid on a house with a contract pending or should we just keep looking?

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If Its" "the perfect house", Then I would certainly submit an offer through a realtor. Foreclosures are difficult transactions generally and many times fail to go to closing. Contact me if we can help you in Pace, MIlton or anywhere in Santa Rosa.
0 votes Thank Flag Link Wed Jul 8, 2009
Definitely submit a backup offers. If it's a foreclosure, many things can go wrong and many times, they do go wrong! Put your best foot forward so they'll be sure to notice your offer before putting it back to "active" if something does happen.

I'm not sure how you could contact the other buyer as I'm not sure how you would find out who that is. The listing agent can't reveal that information to you....
0 votes Thank Flag Link Fri May 15, 2009
These things have a way of falling apart,so i would take Shar's advice and get your agent to submit a backup contract.
0 votes Thank Flag Link Mon May 11, 2009
You could ask your agent to hekp you to contact the buyer with the contract, and ask him/her if s/he is willing to assign their contract to you (of course, for a fee). If that buyer says, "No," then you can ask your agent to submit your offer as a back-up offer (with the appropriate contingency that will allow you to continue to keep looking and go with the first accepted offer).
0 votes Thank Flag Link Mon May 11, 2009

You can submit a back up offer but (at least in AZ) if it is under contract then the seller legally can't cancel another offer to go with yours even if it's better. How long has it been pending? Has your Realtor inquired of the listing agent about how solid the offer is? There's always the possibility that it might not work but I'd caution you against getting your hopes up.

Best of luck in finding a great home!

With Your Success in Mind,

Shar Rundio
Keller Williams Integrity First Realty
0 votes Thank Flag Link Mon May 11, 2009
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