Once an offer is made on a house can someone with cash step in and buythe hpuse if no papers were signed?

Asked by gravoisjillj, Tickfaw, LA Sun Jul 6, 2014

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10
Judi Monday,…, Agent, Green Valley, AZ
Mon Jul 7, 2014
Until everything is signed, sealed and delivered there is no deal.
1 vote
Keri Watkins, Agent, Glastonbury, CT
Mon Jul 7, 2014
Get the contract signed!!! Don't miss out on your opportunity by skipping that step!

Good luck
1 vote
Annette Law…, Agent, Palm Harbor, FL
Sun Jul 6, 2014
As Phil indicated, if it is still in the OFFER status. it still fair game. ANY new proposal can be considered and accepted over yours for any reason.

You indicated "No Papers Signed." That means any offer can displace yours.

The important factor is, Is yours an offer or a contract?
If you and the seller have agreed to all terms, conditions and price and both you and the seller have fully signed the purchase agreement, you not longer have an offer, but you do have a contract to buy. Until you reopen negotiations, you are secure in not being displaced. Ahh, but buyers do funny things and think they can do a price beat down later.

Be aware, although their may be a purchase contract in place, the seller will be lining up back up buyers who are hoping the engaged buyer goes goofy.

If you understand a financed buyer is not as attractive as a cash buyer, you may want to consider using a lender who can provide you a 'Clear-to-Close' before you go house shopping. This means you have passed the lenders underwriting and the bank has committed the money. You can close in days not months. This makes your purchase offer very competitive with cash offers. That should give a buyer greater confidence.

Even with this greater assurance, be aware, if it is not in writing it does not exist. Your REALTOR will be invaluable in positioning your purchase offer to be most beneficial to you.

Best of success.
1 vote
Signed by buyers and sellers. It's open season until then..
Flag Mon Jul 7, 2014
Alex Montelo…, Agent, Seal Beach, CA
Wed Jul 23, 2014
Just because an offer is made.... it does not obligate the seller to sell to that person. If no papers were signed, the seller can sell to whomever they want. Until you have a fully executed contract, you have nothing.

Please call me directly if you have any further questions.

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
BRE Lic #01456982
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Wed Jul 9, 2014
Some one can always step in and buy the house, even if papers are signed.

If papers are not signed, the seller is a free agent able to sell to anyone without fear of consequences.

If papers are signed, the seller can sell to someone else but the original buyer has a claim for breach of contract.
0 votes
Kawain Payne, Agent, Seal Beach, CA
Tue Jul 8, 2014
Until you have a fully executed purchase agreement you do not have a deal. A CASH buyer or even a buyer with lender financing can submit an offer. Some, if not all the offers submitted may be more attractive to the seller than yours.

Investors love condos, and small single family homes. They also love REO properties or properties need a lot of work.

If you are a first time buyer, I suggest you look at properties priced below your max loan amount, this way you will have room to offer above list price and possibly win a bid. Most sellers still favor the the highest priced offer over all others, yes even a CASH offer.

Keep in mind many cash buyer expect a deal, and offer below list. They are not as big and scary as you think. You can beat them. It will take time, and good plan of action, but it can be done!

Most of all to not loose heart. You will find the home that was meant for you.

I wish you the very best!

Kawain Payne, Realtor
0 votes
Luke Whittle, , New York, NY
Mon Jul 7, 2014
Nothing is binding until both parties have signed the paper.
0 votes
Tristam Biel…, Agent, South Pasadena, CA
Mon Jul 7, 2014
If you mean the purchase agreement is not signed by both parties, then yes any other offer can be considered until these "papers" are signed.
Web Reference:  http://www.neladigs.com
0 votes
Cindy Davis, Agent, San Diego, CA
Sun Jul 6, 2014
ABSOLUTELY. You need signed contracts to be secure that you have bought a home.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Sun Jul 6, 2014
If the offer is in writing and is fully signed and initialed, it's an executed contract in primary position. Any other offers would only be backups.
0 votes
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