Home Buying in Hobart>Question Details

Jbrooks28, Home Buyer in Hobart, IN

I wanted to make a offer on a short sale, my realtor said I can't because the other realtor will not accept it because a offer has been in since

Asked by Jbrooks28, Hobart, IN Tue Dec 14, 2010

sept. What can I do? I called the listing agent office and talked to a realtor there, he said the property is still for sale and able to take offers. What is going on? I want this house? What do I do?

Help the community by answering this question:


If the property is currently under contract, not much can be done unless the current deal falls through--if they are taking offers, they may very well be back up offers, and those offers would only be considered if and when the current deal falls apart--your agent can best advise.
1 vote Thank Flag Link Tue Dec 14, 2010
I'm sure your Realtor is doing all they know to do for you. Short sales are complicated and the procedures vary from bank to bank. With the information you have from the listing agent, my recomendation would be to let your realtor know and insist on making an offer.
Web Reference: http://www.CandeeWarren.com
0 votes Thank Flag Link Wed Dec 15, 2010
The lender must decide whether to accept the current offer and may not accept back-up offers. Unfortunately, this can take several months depending on the lender. Ask you agent to contact the listing agent and ask that he/she be notified if this offer is not accepted. That way, if you are still interested, you can submit your offer immediately.
0 votes Thank Flag Link Wed Dec 15, 2010
If a property is in contract and has been in contract since September, yours is not an offer. It is a back-up offer. In other words, if the property falls out of escrow, you might then be in the next position. However, what sometimes happens is that if the property falls out of escrow, the marketing begins again anew and you would have to go back into the pool and re-submit. Hence, you basically have no position. Actually,your realtor is correct. If they have an offer, the bank may not approve of taking other back-up offers. Most likely you might have spoken with someone in the office who probably should not have given out information as they may not know too much about the transaction. You should find another comparable home and you should have your realtor continue to check the MLS (or whatever is comparable in your area) on a daily basis to see if this property becomes available.
0 votes Thank Flag Link Tue Dec 14, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer