Home Buying in 53575>Question Details

Joe Pater,  in Madison, WI

after an offer has been accepted by a seller can you still make an offer as a buyer? is this possible?

Asked by Joe Pater, Madison, WI Fri Oct 9, 2009

I want to scare the seller into pulling out of their current deal and go with us. we were the first ones to the table but unfortunately got outbid at the last minute. we screwed up but we still want the home, can this strategy work? we're going to bid 10k more than the asking price..

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As a follow up to your question - I may be wrong, but depending upon any contingencies the seller has accepted as part of the deal, they may or may not be locked into the contract. You should consider consulting with a seasoned realtor or real estate attorney. It'll all depend upon the conditions of the accepted offer. If your offer is a cash offer, and the other offer is contingent upon financing or selling their 'other' property, you might be able to bump them.
0 votes Thank Flag Link Thu Jul 5, 2012
Penny-wise and Pound Foolish my grandmother used to say. It sounds like you made a low offer and someone else saw the value in the house and stepped up.

It seems unlikely that you can "scare the seller into pulling out of their current deal". If they have an accepted offer and the contingencies are fulfilled in a timely fashion, neither party can unilaterally pull out.
0 votes Thank Flag Link Thu Oct 22, 2009
Dear Joe,
If there is an accepted offer you can write the offer and get it accepted in secondary position. There are a couple of ways that you may be moved from secondary to primary position.

First, if the first offer has a "bump" clause, a home sale contingency clause, in their offer. The seller can "bump" the first offer with a notice to remove the home sale contingency and move it forward. If the buyer can not remove it and move forward then they will notify you about moving into primary.

If the first offer doesn't have this as a contingency, the only way for you to be moved into primary is if the buyer and seller mutually agree to part ways. Sometimes this is due to inspection issues and sometimes it is due to financing.

It doesn't hurt you to be in secondary and you never know. The worst case scenario is that you don't get the home. If you find another home during this offer sitting in secondary, you can simply remove yourself from being in secondary on the first home with a notice to withdraw.

Good luck! If you have any further questions about this you can post more or you can email me directly.

Have a good day!

Charlie
0 votes Thank Flag Link Fri Oct 9, 2009
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