Foreclosure in Waltham>Question Details

Ben, Home Buyer in Waltham, MA

Under Agreement

Asked by Ben, Waltham, MA Mon Sep 28, 2009

When an offer was submitted when does the property become under agreement? I would like to see a property that was just listed within weeks, it went under agreement. What are my rights to see and make a counter offer? I also believe the property is foreclosed.

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Hi, Ben! There is a good chance you can still get into to see the property and submit a back up offer in case the other deal falls through.
If you want to see it just email: or call 617 848 5407 ext 707
0 votes Thank Flag Link Mon Sep 28, 2009
An offer ( I assume "under agreement" has the same meaning) is ratified when both parties agree to the terms of the contract. Depending on state law, you should be able to view and make an offer on a property until it closes. It should be the same with a foreclosed property unless the third party has its own rules and regulations. Back up offers are still accepted so they can be next in line if something happens with the first offer. Best of luck. Deb in VA.
0 votes Thank Flag Link Mon Sep 28, 2009
One the purchase and sale agreemet is signed the property is under agreement. In a normal transaction this can take about two weeks from acceptance of the offer.
Most banks will only give a buyer 48 hours from acceptance of an offer to sign the purchase and sales agreement and the Banks addendum with no changes and submit all deposits. While their documents do allow them to accept higher offers up until closing, it is very rare that they will. At this point you can put in an offer to be used as a back up in case the accepted offer falls through.
0 votes Thank Flag Link Mon Sep 28, 2009
Hello Ben,

Technically, a property is under agreement as soon as both parties have signed an offer or purchase and sale agreement. Many times, this information is delayed in the hopes of identifying additional interest for the sell (and sometimes as a "buyer prospecting" technique).

Unfortunately, no buyer has a right to view any property once it is under agreement. The listing agent is only required to present offers until one is accepted (or as defined by their listing agreement). Several weeks is quick, but not fast for a foreclosure. The good properties will generally sell in 1 - 2 weeks.

I hope this helps!

Good luck,
Mike Hughes
0 votes Thank Flag Link Mon Sep 28, 2009

How are you? The property goes underagreement/under contract when the seller has signed and accepted an offer. In regards to viewing a property that's underagreement, it's upon the seller's discretion on whether they would like to continue showing the property and your buyer’s agent can find out whether the seller is still allowing the property to be shown. So it all depends on whether the seller is allowing showings and or taking up back up offers. And the offer that you would make wouldn't be called a counter offer, it’s called a back up offer. Have your buyer's agent contact the seller's agent and find out the status of the property and whether the seller is taking up back up offers and/or allowing back up showings. If you have any additional please feel free to email or call.

Best regards,

Experience excellence

p.s. Of all of your family, friends, neighbors and co-workers, who do you think will be the next one to move, buying or selling?

Peter J. Mlaguzi III
President of Real Estate Sales and Development
O: 617-395-1496 x703
C: 617-233-1476
F: 617-395-6867
0 votes Thank Flag Link Mon Sep 28, 2009
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