Could you outbid the current offer? I think what youâ€™re asking is if you made quite a substantial bid, could you knock out the existing offer. The answer is no. The terms and conditions of the existing offer were locked in the moment both parties indicated their agreement when they signed â€“ â€œExecutingâ€ the contract.
The end of the Option Period does not signify the end of the existing agreement, so you would have to check with the listing agent to ascertain the status of the property at that point. Keep in mind that even if the existing contract does not fall out during the Option Period, it could still fall out if the buyer is unable to fulfill the contingency for financing
Have your buyer's agent contact the seller's agent to see if their sellers will consider a back up offer. If they have a solid contract, they may not. If the contract is iffy, they may. However, both parties are bound by their existing contract and subject to penalties if they do not perform according to its provisions.
Have you consider other homes in area "similiar floor plans" quality of contruction.
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Then, depending on what's going on with this offer, (and your agent could find that out for you), you could make a back up offer. However, that has some obligations you should understand before you enter into a back up contract, which would factor on how soon you need to be in a home, as well. So, if you wanted to place an offer to go higher, than you could do that, however, at this point in the transaction, the seller would be able to accept a back up, but you would for the most part only be able to buy the house if the seller either backs out during option period, or exits the contract for reasons stated in the specific agreement between the seller and the buyer. An option contract means they have the option to buy the house. The seller can't say now we got a higher price so we are cancelling with you and going with this other offer. However, the seller can say we are not going to make any repairs, and the buyers could opt to back out during option phase, and then if so, they could then become eligible to enter into a contract with you.
If you want representation and don't already have it, contact me at: 214-991-9507.
Nicole Arenas, REALTOR
Once the seller has ratified the contract, they are contractually obligated to fulfill the contract. However, the buyer is in the option period and can opt out for any reason. I wouldn't hold my breath, but there are some potential flies in the ointment:
1. The buyer could opt out for any reason during the option period (inspection items found, they get a job transfer, they find a more suitable home, they decide they don't like the type of tree in the front yard, etc.)
2. The buyer may not be able to get funding
If the seller does not move forward with the sale barring any of these items above, they can be sued for specific performance and still have to sell the house to these buyers.
Is the listing agent willing to accept back-up offers? If you put in an offer at this point, it'll be a back-up offer. Should something happen to this sale, they can contact you to ratify your offer.
Are you working with someone? We have a $5,000 savings minimum guarantee when purchasing a home with us. We narrowed down the pool of potential homes to 4 and showed them to our client this weekend and saved them more than $100k on their home purchase. We work hard to save you both time and money.
Hope this helps,
The Hayley Group, Keller Williams
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My name is Torry Pinter II and I am a Broker and an Owner of Exit Hometown Realty. I sell Real Estate in the Maggie Valley â€“ Waynesville, NC area, specializing in selling Mountain Homes. 828-926-7888 http://www.MaggieValleyHomes.info