What options, if any, do we have. It is a foreclosure so I dont know what the process is or how long it will take to find out anything. I really love this house!!! Please Help!!!
2007-10-03 12:20:19 · 8 answers · asked by All That 1 in Business & Finance ➔ Renting & Real Estate
Nothing says that you can't make an offer in case the contract doesn't go through. Lots of people are having trouble closing due to trouble getting a mortgage, or there may be a contingency. Have your realtor present the seller with a contract at his listing price or a little above. That's if you really love it and it's worth it.
2007-10-03 12:26:54 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Go ahead and put a backup offer on it for as high as you feel like you can go (maybe $1000 above asking price), and I'll tell you why.
ALOT of people won't do backup offers and I have no idea of why they don't exercise the option...it allows you to possibly have a home you LOVE while you continue to shop, as you can pull out the backup offer at will...it's the best of both worlds.
If the house JUST went under contract, I would encouage you to act quickly for a VERY important reason:
If at ANY point, the lender knows that they have a HIGHER offer on the table, they will be LOOKING for a reason not to close with the first buyer to take the second offer.
This works not only with foreclosures, but with regular real estate as well.
I wish you luck and GO FIGHT FOR YOUR DREAMHOUSE! :) :) :)
2007-10-03 12:42:24 · answer #2 · answered by Expert8675309 7 · 1⤊ 0⤋
If the house is currently "under contract" that means that the
Seller has officially accepted another offer and they are waiting to close. You can submit a "back-up" offer ... But that is ONLY IF the Seller is willing to accept a "back-up" offer. (If so ... then if the current offer "falls-thru" then your
offer will take its place.
In "some" cases ... the Seller(s) will not take a back-up offer.
Then, you must wait to see if the current offer "falls-thru."
(If you are working with a Realtor ... your Realtor can check
to see if the property comes back on the market.... Your
Realtor can even call the Seller's Realtor ... And ask to be
notified if the property comes back on the market.
Other than the above ... You DO NOT have any other options.
Best Wishes!
2007-10-03 13:37:45 · answer #3 · answered by kjh 3 · 0⤊ 0⤋
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2016-12-17 16:26:19 · answer #4 · answered by ? 4 · 0⤊ 0⤋
If it's a bank owned property, try to put in the back-up. Some will take them, some won't. At least make sure that your Realtor lets the seller's Realtor know that "IF it even starts to look shaky, call us."
If it's a HUD or VA property, they won't take back ups - your Realtor must stay on top of it to see if it comes back on the market.
Try to make your offer as "clean" as possible. The fewer contingencies, the better.
Good luck to you!!
2007-10-03 14:14:27 · answer #5 · answered by teran_realtor 7 · 0⤊ 0⤋
I agree with your other answer, submit a backup offer. This market is bad and many people cannot close. If your offer is free from contingencies it would be stronger, but any backup offer will work. After that it is just a waiting game to see what happens.
2007-10-03 12:30:04 · answer #6 · answered by proactiveindy 2 · 1⤊ 0⤋
You still make an offer. You want your offer there on the table in case the first deal falls through.
2007-10-03 13:52:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Foreclosed homes are selling quick. I do atleast 2 FC's a month. If your still interested, then please email me @
dnicart@sbcglobal.net with a good time to contact you and discuss what your options are.
If I dont hear from you, I wish you the and your husband the best in property hunting.
2007-10-03 12:32:32 · answer #8 · answered by JAMIE U 2 · 0⤊ 3⤋