Can a bank owned house that is pending still receive offers from another buyer?

Asked by Zoltan, Buffalo, NY Wed Jul 23, 2008

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Delete Me, , 89052
Wed Jul 23, 2008
Hi Zoltan,

As everyone has stated before, yes you can submit an offer, it would be considered a "back-up offer."

To give you some insight to how things are doing in the Bank Owned market right now, there are a little less than half of the escrows opened on Bank Owned properties (properties with accepted offers) that actually successfully close.

My suggestion to you is that you work with a Licensed Real Estate Professional that knows how to craft the terms of an offer so that it will get serious consideration from a bank, while still always protecting your best interests. Understand that while it is a slightly better than 50/50 shot that your back-up offer will be considered, you should consult with a knowledgeable Real Estate Professional that will help you avoid the pitfalls that so many potential buyers are facing in this market.

Mike Dobranski, REALTOR®
Prudential Americana Group, REALTORS®
Las Vegas / Henderson, NV

702-370-3521
Mike@PrimeRealEstateLasVegas.com
http://www.PrimeRealEstateLasVegas.com
0 votes
John Goad, Agent, Las Vegas, NV
Wed Jul 23, 2008
You can submit and offer however it will be a "back-up offer"...as others have already mentioned. I did not see anyone explain to you exactly what a "back-up offer" means, so I will describe it for you (in a nut shell). Many times as agents we use certain lingo (that we use all the time and automatically assume that you understand exactly what we mean) so for this reason I will let you know what a back-up offer is...You can submit an offer but even if your offer is better than the one that the bank has already accepted, they cannot cancel that contract and sell it to you. HOWEVER if the buyer does not close escrow (complete the sale on time) then the bank CAN cancel that contract and then sell you the property. There are any number of factors which may cause the sale not to complete such as: the current buyer gets a home inspection and does not like what was found, the buyer does not agree with the Communities Rules and Regulations (CC&R's), the buyers mortgage loan does not go through, and the list goes on. So if you really like the house and are willing to wait to see if the sale does not complete (close escrow) then it would be a good idea for you to submit a "back-up offer".
Web Reference:  http://www.GoadTeam.com
0 votes
Chris Shouse, Agent, California City, CA
Wed Jul 23, 2008
Is the bank owned property handled by an agent? If so back up offers are often taken. If they are waiting for approval from the bank on the offer and the bank rejects it, then your offer would come into play.
Web Reference:  http://realsummerlin.com
0 votes
Debt Free Da…, , 85260
Wed Jul 23, 2008
It is possible to take back ups. The are useless unless the accepted offer where to fall through.
Web Reference:  http://GetPrequalified.com
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