Can I place a back up offer on a Home path REO under contract?

Asked by ging1841, 37075 Thu Oct 25, 2012

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Ken Gellman’s answer
Ken Gellman, Agent, Denver, CO
Fri Feb 8, 2013
You are better off just making sure your agent stays on top of it in case the other offer falls through. It doesn't hurt to have a backup in as the agent may contact you to tell you it's active or they are taking highest and best after another offer fell.
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu Oct 25, 2012
Most banks do not take back up offers, if an offer falls through they open up the process to offers once again. Your best bet is to check with teh agent of that home and siimply ask if they are willing to hold an offer or to at least let you know if it falls through. Many banks wont lock you in as a back up but simply hold your offer and submit if it falls through,
0 votes
Marina Bay, Agent, Greenwood Village, CO
Thu Oct 25, 2012
I strongly encourage to put a back up offer, as some of them often come back on the market. One thing to consider is when they become available again, the price is usually reduced, so if you follow the home and submit an offer when and if it becomes available, you may get a better deal. Also, it may not be possible to place a bid on after the property went under contract and it would have to be done through the listing agent directly. If you need any assistance, please contact me and I will be happy to help!

Marina Bay
Cherry Creek Properties
0 votes
Tim Moore, Agent, Kitty Hawk, NC
Thu Oct 25, 2012
With Bank Owned homes often when one offer falls through the bank opens it back up to everyone to make offers again. Ask your agent to ask the banks agent if they will accept a back up or not.
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