My wife and I were looking ata home that needed repairs, It's a forclosed home that a corporation has bought and put on the market, my real estate agent called the realtor selling the home for the corp, the realtor told my realtor thata offer was on the table and thatthe corperation was considering it. So should my realtor made our offer? because at that point she was insinuating that there was nothing we could do.
2007-03-02 00:19:34 · 9 answers · asked by frosty62 4 in Business & Finance ➔ Renting & Real Estate
OK just called my realtor she said that she didn't know if I could make a offer and was going to call the realtor in charge of the sale, because it is being sold by gorvorment, I guess they have a corporation that represent's them. I would think they follow the same guidelines though
2007-03-02 01:01:35 · update #1
While it is true that an offer is not a contract, things aren't quite as black and white when buying from the government. HUD is the corporation most likely involved and now a days these houses are sold through a sort of auction where you submit offers on line. I think the translation of what your Realtor told you what the other Realtor said was misconstrued because the "auction" has a time element involved such that if HUD had picked an offer, it is pretty much a done deal. There is a way to check for certain by accessing the status via HUD on line. My guess is that your Realtor has no experience with HUD houses so rather than admitting this lack of knowledge, the insinuation came out.
2007-03-02 05:33:58 · answer #1 · answered by linkus86 7 · 0⤊ 0⤋
An Offer is only an Offer to Purchase... Not a Contract. So, the foreclosed property is not yet under contract. Make your offer!
Get it in there quickly though, as "time is of the essence!"
Keep in mind that when companies and/or banks own property, they are NOT emotional about the sale as they have not lived in the property. So, to them it's just a numbers game and if they can get a better offer on the table, then they'd rather sell it to the highest bidder with the least amount of contingencies and in the shortest closing period.
Good luck!
2007-03-02 09:07:26 · answer #2 · answered by Art 4 · 1⤊ 0⤋
Of course you can still make an offer. However, what your realtor may have been thinking (w/o bothering to explain to you) is that you probably do not want to get into a bidding war on a house that is not that great to begin with. IMO, your realtor should be more willing to explain her/his thoughts to you & let YOU decide what/if you will offer on a property. A realtor that thinks s/he can just tells you, "This is what we are going to do," is arrogant. S/he should inform, educated, make recommendations, then execute YOUR informed decisions. I dumped one for having such a bossy attitude, & I will pick much more carefully next time around.
2007-03-02 08:31:32 · answer #3 · answered by Tom's Mom 4 · 2⤊ 0⤋
Yes, its called the back-up offer which would place your family in the backup position. If something goes wrong with the first offer, you would be the next offer in line. Things do go wrong sometimes including the inability to get financed. And like another responder stated, do NOT get into a bidding war. keep your emotions in check and walk away if you need to. There are other homes.
Sounds like you might want to consider another agent if your agent didn't know this. Sheesh!
All the best!
2007-03-02 09:38:43 · answer #4 · answered by TygerLily 4 · 0⤊ 0⤋
You can make an offer if the other offer has not been accepted yet. When I sold my house, I had several offers and picked one. Your realtor should know this...she does not sound like she knows what she is doing.
2007-03-02 09:18:17 · answer #5 · answered by KathyS 7 · 0⤊ 0⤋
Yes, of course you can still make an offer. If the corporation has not accepted an offer, then you can still make one. Submit your offer for what you are willing to pay. If they take your offer great, if not, forget it.
If they have already signed a purchase agreement and you think it is worth more, then you can offer the other party (not the owner) a fee for assigning the contract to you, unless their contract specifically states that it is not assignable.
2007-03-02 09:03:36 · answer #6 · answered by Leo N 2 · 0⤊ 0⤋
you can make an offer up to the day they close. The other offer may fall apart and you would be next in line. a backup.
RE Agent
2007-03-02 09:40:53 · answer #7 · answered by zocko 5 · 0⤊ 0⤋
Until they sign a sale contract, you can still make an offer.
2007-03-02 08:25:08 · answer #8 · answered by Larry 2 · 1⤊ 0⤋
As long as the first offer has not been accepted ....make a written offer.
But be careful you do not get into a bidding war.
2007-03-02 08:24:36 · answer #9 · answered by Ben 4 · 1⤊ 0⤋