i have submitted an offer on a home which was on short sale.?
March 72010
However the seller agent is saying that there is an offer already submitted to the bank and our offer will be looked into only if the other offer is rejected by the bank or the other person backs out from his offer. However we know for sure that our offer is better than the offer that is submitted to the bank.Is there anything that we can do to make that our offer is looked into by the bank. the state of the home on the MLS listing shows as ‘contingent back up”. can somebody please answer me?
All offers have a date and time. The person that put in the earlier offer is the one that will be rejected or accepted first. It is law. All offers have to be presented in the manner they are received. Right now it is a sit and wait game. Good luck to you on getting or finding the home you want. Also with short sales the response time is longer because you are dealing with a company and not an individual.
March 7th, 2010 at 6:06 pm
All offers have a date and time. The person that put in the earlier offer is the one that will be rejected or accepted first. It is law. All offers have to be presented in the manner they are received. Right now it is a sit and wait game. Good luck to you on getting or finding the home you want. Also with short sales the response time is longer because you are dealing with a company and not an individual.
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March 7th, 2010 at 6:36 pm
The MLS listing should answer your question; "Contingent back up" means another offer has been accepted and you are second in line should the first contract fail to close. Your offer may have been higher but if there’s a valid contract between the bank and the first buyer, then bank can’t cancel just because your offer is higher. You would be better off withdrawing your offer and finding another home. Your agent should have done a better job of explaining the situation.
realtor.sailor
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