Home is under agreement. Can I still make offer?

Question

My husband and I found a home we liked last week. Our agent is on vacation so we did a drive by. We really liked it. Today I found out it was put under agreement on the 24th. SIX days ago. If it's under agreement, can we offer higher and if the seller likes our offer better, can he break the agreement with the other buyers?

Answer 1

Yes you can, as long as you do not have an offer pending on another home purchase (you do not want to be involved in two purchase transactions at the same time).

The Seller probably can not terminate the pending "agreement" just because you make a "better" offer. But, the property "under agreement" is subject to contingencies that might not occur (like Buyer financing, or the sale of the Buyer's current home, or who knows what else), then the "agreement" would be terminated.

You can make a "back-up" offer. Your "back-up" offer could even be for a price less than the pending "agreement". Your offer would just have to be good enough for the Seller to consider it to be acceptable if the pending "agreement" terminates. As always, legal matters should have attorney involvement.

Answer 2

Your offer can only be considered if the other bayer fails to perform. They can not legally accept your offer after they accepted one from another party. Also, there is no legal means of you discovering what the present offer is in order to make yours "better".

Answer 3

Make your offer as a secondary offer subject to the collapse of the primary offer. I would put a time limit on it though, but in this market it might not be a surprise if the first one doesn't make it.

Answer 4

Seller can not break the contract, just because higher offer comes in after the fact. However, you may be able to make an offer to the purchasers to buy the contract from them. If you did that, you would be bound by the terms of the original contract. I have bought property and sold the contract to another buyer, so I know it can be done.

Answer 5

You can surely make an offer on the property, but it would have to be in secondary position, since the seller may NOT break a legal and binding agreement with the first buyer. However, if anything goes awry with the first offer (lack of financing, etc.) you would be 'next in line' assuming that the seller would accept your secondary offer.

Answer 6

If he decides that he wants to take your offer, your agent would be interfering with a contract. That's a no no on the ethics front.

Tell your agent about it, and have him/her keep an eye on the place. If the deal with the other buyer falls through, you can swoop in. (and maybe get it for less than you thought).

Answer 7

Make the offer and see what happens.

Answer 8

even nevertheless your place is by using close, the financial business enterprise will look at your furnish as though this is nevertheless a contingency. deals fall out of escrow each and every of the time, so it is not great reassurance on your financial business enterprise who owns the foreclosure assets. i might wait till your place closes to place the furnish in. this is an concept.....See in case you will get a "hire lower back" from the customer on your cutting-edge domicile (it could ward off you from moving two times). Draft up an addendum that helps you to occupy your unique domicile say 14-21 days when you close up on it. that provide you time to purchase the recent domicile. you finally end up "renting" your place out of your client for an agreed upon value.....or possibly you have the addendum decrease the sale value by potential of a few volume. basically a concept on a accessible answer. now and lower back "thinking outdoors the field" can shop human beings time and money!