Pam gave a very thorough description of 'Active With Contract."
To a home buyer, the type of property and it's situation will give a good indication what you should do regarding placing a back up offer or not.
For instance if you are a cash buyer and love a specific property:
A financed offer is in place for a condo at Paula Point, you definitely want to place a back up
If a financed offer is in place for a condo in Tanglewood, you definitely want to place a back up.
If a offer is in place for a brand new on the market short sale, unless you are willing to wait 3, 6, 10 15 months, a back up should not be considered.
A SFH in Braemoor with a financed offer would not be a good back up candidate either, UNLESS it is a VA or FHA backed financing.
It is the intimate knowledge real estate professionals have regarding the prevailing situations that will identify the action you should take to best achieve your purchase objectives. In many cases it is assumed a home if 'off the market' if the status is shown as 'Active With Contract." As banks continue to convolute the purchase process, 2nd opportunities should not be overlooked.
The prudent buyer will rely on their real estate professional to assess the success probability of a back up offer.
Here in Dunedin, FL, where I live, getting 1st look opportunities, and having viable Plan B's will prove beneficial in this highly competitive market.
If you are a serious buyer and have any questions or interest in real estate in Dunedin, Palm Harbor or Clearwater don't hesitate to give me a call.
No, don't use that 'contact' link.
No, don't use Trulia email.
If you are serious, please go old school and call.
Best of Success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor FL