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Home Buying in East Moline : Real Estate Advice

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  • Home Buying3
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Activity 5
Fri Oct 13, 2017
Ajcountry64 answered:

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Tue Nov 10, 2009
Sean Dawes answered:
What do you mean for sale on contract?

Do you mean listed for sale with a realtor which involves contracts?

Sean Dawes
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Mon Sep 14, 2009
Edith Karoline Jasser answered:
Hi, Why would you want to use another agent to make a new higher offer???
It seems that your first offer was not the only one and then they went through inspection or the buyers backed out for other reasons, who knows....

But I do not see any reason for you to use another agent (this was your buyers agent, I am assuming...
an agent who is working for YOU who presented your first offer, that was rejected by the Seller throught the sellers' Realtor (the listing agent of the property), correct...

You can just contact YOUR agent and ask to present a new offer.... if now the Seller does not have another offer at hand, and the offer they accepted (may be for other reasons than the price, could have been other terms, a higher down payment, faster closing whatever!) fell through, they may just consider your original price you offered or at least negotiate it up with you and then you still have time to have an inspection done etc. etc.

In your situation I would sit down with your Agent (did you sign a buyer representation contract with your original agent?) discuss the situation and see what your agent knows, and then proceed with an offer!

Good Luck to you!

Edith Karoline - YourRealtor4Life!
Working always in the very BEST interest of her clients ...

By the way if you know of anyone thinking of buying / selling Property in the city of Chicago or any of the Northern/Northwestern suburbs or anywhere on the Northshore, refer them to me and I promise them first class real estate services... THKS!
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Sat Apr 11, 2009
Linda Remington answered:
Based on the two answers you have already received, I would suggest you contact a LOCAL Realtor to have your questioned answered specific to your state and the laws and common practices there. In my market in Ohio if a property is listed in the MLS and showing PENDING as the status, it has a contract that has been signed by both the buyer and the seller and may or may not be subject to contingencies (financing, inspections, etc.) Until that contract expires, the contingencies are removed or the contract is mutually released, the seller would be opening themselves up for legal action by the initial buyer if they attempted to accept any further offers on the property aside from a SECONDARY offer, which you could put in to place and many Realtors and sellers are very willing to do that in today's uncertain mortgage market.
If a property is listed as CONTINGENT in our local MLS, there is a negotiated contract on the property that is subject to some other contingency...possibly subject to a home sale with a bump clause (if another offer comes in the first offer has so much time to proceed with their contract or it is bumped and the new offer takes over primary position) or it could be waiting on signatures from sellers in a verbally agreed upon an out of state bank or loss mitigation dept.
It all comes dowwn to the local terminology and common practices as they apply to the real estate laws in your area.....hope that helps.
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Sun Dec 7, 2008
Vicky Chrisner answered:
Why are you looking at a Rent To Own? These can be very, very good, or very, very dangerous. Make sure you are involving an attorney to represent you, most real estate agents do not even know their way around these transactions.

If you are in a declining market, and you are agreeing now to buy in 1-2 years, what happens if the price drops below the agreed upon price?

Many renters today are finding that the homes they are in are being foreclosed upon, and they are being forced to move with little notice and never getting their deposits back. What would happen to your transaction if the current owner failed to pay his loan?

Good luck
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Home Buying in East Moline Zip Codes