Placed an offer on a Homepath Property

Asked by Theresa Scarbrough, Hurley, WI Mon May 7, 2012

I placed an offer on a Homepath Property but the day I did the listing changed to Under Contract. My agent said there have been other offers prior and the listing has been gone back on market shortly after. The listing is barely two weeks old though.

Now what do I do? Can I make other offers on other properties even though I have made an offer on this one? It wasn't a back up offer and I don't want to wait 30 days to see if it possibly goes back on the market. I do want the property but if it is a lost cause it's a lost cause and I want to start looking at other options.

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12
Bill J Delig…, Agent, Naperville, IL
Mon May 7, 2012
Yes yes yes - submit offer/s on other properties you are interested in.
You tried for Property A, were unsuccessful, therefore move on to Property B and/or C.
1 vote
Philip Sencer, Agent, Chicago, IL
Mon May 7, 2012
Of course you can make other offers. Even if your offer on this house is a back up offer you can still make other offers based on the way the offer was written. Your agent should have told you this. Property is selling faster now than it use to if priced right.
1 vote
John Zloza, Agent, Philadelphia, PA
Mon May 7, 2012
Theresa,

Basically you do not have any commitment to this property unless you have an executed contract and turned in your earnest money. If I was you I would continue looking for a home, since this one is under contract. There is a chance this deal may fall apart and it comes back on the market, but I wouldn't wait and count on this.

I have worked with several buyers on short sales and foreclosures (including Home Path). If you need a new agent or have any questions feel free to contact me.

John Zloza
Broker Associate
Baird & Warner
Direct: 708-935-4997
john.zloza@bairdwarner.com
1 vote
Jimmy Jung, Other Pro, Calabasas, CA
Tue May 16, 2017
With Fannie Mae Homepath or HomeReady properties we typically send our clients to Home Loans For All. They seem to be the experts in that scenario. Just google Home Loans For All.

Hope that helps!
0 votes
Irina Karan, Agent, Aventura, FL
Tue May 8, 2012
Hello Theresa,

Buying a foreclosure can be confusing...However, so far, what your agent told you sounds absolutely possible - this happens all the time, in fact.

To answer your questions properly, I'd need to know if you put any escrow money down.

If there is no escrow money involved - have your agent withdraw your offer, if you are not interested in this property any longer. If you are interested, you can increase the price of your offer and/or improve terms - and submit a new offer package, after canceling the old offer (to avoid confusion with the listing agent's office). Why improve your offer? - Because the property is back on the market, meaning your offer was not in the ball park...

If, however, escrow money is involved, and you are not interested in this property any longer, you have to "cut" cleanly. The seller and buyer have to sign a release and cancellation form, which will be done by your agent.

To improve your chances with the next property, both - you and your agent - have to be completely ready/set to make another offer quickly (with pre-approval letter (if you target Homepath properties - pre-approval has to be with one of the Homepath lenders), proof of funds (downpayment and closing costs funds, as well as reserves), escrow money...

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes
Carl Hawthor…, Agent, Woodstock, GA
Mon May 7, 2012
Your agent should walk you through this process.
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Mon May 7, 2012
Hi Theresa

Sorry for your loss, the markets are changing for the better.
This happens all the time, go to:

http://ruthandperry.com/RealtorWebPage?template=embed&cu…

This should give you an idea of trends.
Prduent for you to pursue other properties and assertively write other offers.

Perry

http://www.ruthandperry.com/

http://www.trulia.com/blog/perry_mistry/
0 votes
Joe Schiller, Agent, Chicago, IL
Mon May 7, 2012
why oh why are you not asking your agent these questions.. does your agent know you do not value their opinion? you can do anything you want..you can wait or you can look - you are probably not getting this home so just mpove on.
0 votes
Matt Laricy, Agent, Chicago, IL
Mon May 7, 2012
Lost cause. Your agent should explain this to you. Once the other contract is accepted, yours is no longer valid.
0 votes
Philip Sencer, Agent, Chicago, IL
Mon May 7, 2012
Of course you can make other offers. Even if your offer on this house is a back up offer you can still make other offers based on the way the offer was written. Your agent should have told you this. Property is selling faster now than it use to if priced right.
0 votes
Theresa Scar…, Home Buyer, Hurley, WI
Mon May 7, 2012
Right I should clarify the offer that put the listing under contract was not mine. My agent is basically just suggesting to hold out and see if it goes back on the market.
0 votes
The odds are if they accepted an offer it should be string enough to close. Why would you wait to see if this comes back out and loose out on other great opportunities. The market is getting hot and properties do not last long.
Flag Mon May 7, 2012
Gary Geer, Agent, Antioch, IL
Mon May 7, 2012
Theresa,
If the property you were interested in and submitted an offer and that offer was not yours, yes you can make offers on other properties as yours was not accepted. Start looking at other potential properties and ask your agent to notifiy you right away when a new Homepath Property comes on the market. That way you get ahead of the curve.

All the best,

Gary Geer

http://www.ggeer.illlinoisproperty.com
0 votes
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