In today's market, if a home is under contract is it a done deal or could someone still make an offer?

Angela
Home Buyer
60014

Answers (4)
Jim Holder
Agent
Arlington Heights, IL

All contracts must be submitted to an owner until the sale has closed., according to laws governing our state!

Web Reference: http://www.JIMHOLDER.COM
Mon Jun 8 2009, 21:16
Nichole Lathus
Agent
Tinley Park, IL

HELLO ANGELA,

JUST TO ELABORATE FURTHER.. IF A PROPERTY IS A SHORT SALE OR FORECLOSURE, YOU MAY STILL BE ABLE TO PUT AN OFFER ON THE PROPERTY AS A BACK UP OFFER. SOME FORECLOSURES AND SHORT SALES CAN BE A LEGNTHLY PROCESS AND SOME BUYERS WILL BACK OUT OF A CONTRACT SO THEN THE BANK WILL MOVE ON TO THE NEXT ONE.
IF YOU NEED ANY FURTHER ASSISTANCE, FEEL FREE TO CONTACT ME AT 708-646-6533.

THANK YOU,
NICHOLE LATHUS
MCCOLLY REAL ESTATE
708-646-6533

Mon Jun 8 2009, 15:49
Greg Olson
Agent
Arlington Heights, IL

There are no "done" deals in today's marketplace. You can always put in a back-up offer. Your buyers agent can usually get all of the detailsby talking with the listing side( that will enable you to make an informed decision). Is it a regular sale, a short sale, a bank owned etc....Is there a mortgage contingency or is it a cash offer and so on. Talk to the agent representing you in your home buying process! Good Luck!
Greg/REMAX Suburban

Mon Jun 8 2009, 15:47
Susan Walsh
Agent
22485
FIRST ANSWER

Yes and Yes. If a property is under contract where both purchaser and seller have agreed to all terms in writing and there are no contingencies then no one else can put a contract on that property. Someone else can put a "back-up" offer and contract on that property. A back-up contract only comes into force when the preceding contract falls through or was released by both purchaser and seller in writing. All contracts and every little detail must be in writing to be enforceable.

Susan Walsh
Realtor
Cell: (540) 809-1366
EXIT Realty Expertise
7947 Kings Highway
King George, VA 22485

Mon Jun 8 2009, 15:37

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