House we are interested in has another offer – when is it considered under contract?
Hi all. We found a house that we love and were ready to put in an offer within four hours. Our agent told us that there was already another offer in the day before and the sellers were already working with them and wanted to give them “first shot.” (weird…wouldn’t they hope to get more money) Spoke with the homeowner to verify and they said that they verbally accepted an offer. We did not dicuss anymore b/c we did not want to stir the pot if it was already too late. We still have our heart set on this home and are hoping the sale might fall through. It is still listed as active (not under contract) and I was wondering if anyone knew when it transitions on mls to under contract? Our agent told us she would call us asap if anything changes but I am also keeping track of it myself. Any guidelines for when it might be relisted if it does fall through? (not that we wish ill will on anyone but I am keeping hope alive) We are still looking for other homes though.
A house actually doesn’t get unlisted unless it goes into contract for a few weeks. If you really want the house after it comes available again. Let the selling agent know. I’m pretty sure they’ll be more than willing to work with the next buyer. Hope this helps…
you should be able to write an offer and your realtor should hold it pending the terms of the first offer either going through or falling. If the first offer fails then you are in second position to make an offer.
If the first offer is valid and closes you are no longer in a bidding position and your offer goes into the garbage.
I believe it usually transitions to Under Contract in the MLS when the listing agent changes it. I have seen it never be changed unitl it is almost closed because they want to take backup offers and ensure they get a sale.
Don’t forget that a house is a financial transaction and many things can go wrong. Best of luck and keep looking your dream home may just be around the corner.
If the seller has a verbal agreement with the other buyer, they have to honor that. The property goes to Pending when escrow opens up. Some sellers accept back-up offers that are next in line if the existing offer falls out of escrow.
I would say put in your offer, but keep looking. I’ve been looking for a foreclosure for an investment property for the last 3 months and put in offers on 6 properties, only to get aced out 5 times. The 6th time was the charm. We went into escrow yesterday. And, it turns out that this is the best property we’ve seen all along.
You could always write a back up offer on this house.
It is a matter of how long you want to wait to see if the other contract falls through.
I think I would be moving on if he other contract is pretty solid.
Wait for your agent to advise you one way or the other. But do not contact the sellers directly. This is a violation of trust with your own agent. And if she/he knew you had talked with the sellers, it wouldn’t be a pleasant situation.
Some agents are very slow about getting paperwork done. That has no bearing on if the house is pending or not. If the owner told you that they have accepted an offer I would not think about this house anymore.
Find another house. Sometimes deals fall thru but is not common. If you want to get a good price- find another house. Do not call listing agent or owner ever again because you are just alerting them that you would love to pay to much for this house. Find another house.
well first off verbally accepting offers is no good,it has to be in writing.the sellors have a time frame to eithor accept or counter offer.i’d have my realtor to draw up my offer and submit it to the sellors.
There are no “verbal” contracts in real estate. UCC dictates that it must be in writing. They have a contract when all parties sign the agreement.