I ask you, is this fair to you (Buyer A) who is in the process of clearing his contingencies to purchase his home? That is the purpose of a contract. Buyer B can submit a back up offer, if the seller agrees to take a back up and it will sit in place until or unless Buyer A cannot clear his contingencies to his offer or withdraws his offer. It simply is not ethical for a seller or Realtor to "dump" the first accepted offer from Buyer A to get a Buyer B presumed better offer.
There are rules to follow to ensure that there is a fair playing field. I would hope as Buyer A you could appreciate the process and the fairness of it. Any Realtor you area working with, I hope you have a Buyers Agent, should be telling you the same. I do wish you best, try and focus on another home where you would be in first position. If this is a private sale with no contracts, Realtors, or is not listed all I can say is good luck and everyone is on their own. This is where Realtors are very important in a transaction. Keeping it all real and safe for everyone involved.
That depends on the listing contract, if it's a FAR 'Exclusive Right of Sale Listing Agreement' and the little box on line 56 is checked that states 'Withhold all offers once Seller accepts a sales contract for the Property' then no a backup stays with the agent if your agent insist on placing an offer it does not go to the Seller until the first contract is void. I use FAR and FAR/BAR contracts and Addendums for both the seller and buyer, no boutique contracts here.
I for one ask the seller to check this box as its hard enough getting a short sale to close and the time frame is long enough without sending in a second offer once the first has been turned in.
What if 2 months into a short sale an offer shows up if this box isn't checked and you send it to the bank the seller could go further behind in mortgage payments and that is almost as bad as the short sale itself.
Now if it's been pending for a short time it may not matter as long as it's a stronger contract and the box isn't checked.
Now if the seller agent request that you use a short sale addendum it states, the home can still be marketed as active on the MLS and offers no matter when they arrive will be sent to the bank, I cross this out.
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Dave Lowe, broker
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There are many factors which you don't address ........... if there is currently an accepted offer by another buyer, any other offers if entertained would be considered to be in back up position. Price is not the only factor sellers & lenders (if short sale, preforeclosure or REO property) consider when accepting an offer. Cash is more attractive than a mortgage buyer as well as quick closing & no concessions. If you are working with a Realtor, he/she should be able to better explain your position & options.
If I can be of further assistance, please let me know. Good Luck!
Have a fantabulous day!
Prudential The Property Place
Thanks to all my colleagues for the kind words. You could not go wrong to contact any Realtor here on Trulia in the local Orlando market for help or advice. That is why we are here, yes we would like to have your Real Estate Business. More Importantly, the professionals that participate here want to help get out the most correct information there is available to the Buyers and Sellers today. I hope you think that is a great service.
Reward us by allowing us to represent you in a very confusing Real Estate Market and tell your friends and associates about us as well. There is no other profession that is so generous with their advice and counsel.
We all appreciate the kudo's and the appreciate the business . Thanks Guys and Ramon we look forward to helping you find a home, first position!
if seller (and by the way a bank if short sale) has accepted an offer
then you would be back up
You say Pending - if Pending then they have accepted an offer.
Pending is Pending Closing.
Best of Luck