Profile picture for Gr8tbuy

Submitted a back up offer, how long do I have to wait?

Submitted a backup offer on a property, I'm next in line. It is a 30 day escrow... when do we know when we can or cannot purchase the house? Do we have to wait till the 30th day?
  • January 22 2009 - The Colony
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Answers (4)

Profile picture for Gr8tbuy
Update.

All contingencies are removed, exept for the loan contigency. I heard there is a 17 day loan contingency, which ends today or tomorrow.
My real estate agent is following up, but only when I request it. They don't seem to eager, not sure why.

To feel a little in control and taking responsibility, I contacted the listing agent, also seller, via a real estate listing web site and ask them for the status on the buyer in the first position and what my chances are.
This might be against all the rules, but I want that house and felt that I had to express that to the seller and don't want to leave things up to my agent.

Can the seller cancel the contract, if the loan contingency is not removed by the buyer in the first position? I also heard that my offer is better than the first initial offer.

Thanks
  • January 30 2009
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Hi,

Have your agent check in with the listing agent frequently to see how the current escrow is going. And just because you are the first back-up, if something better comes along, you will not get the house. There is no legal term "next in line." Your agent can develop a relationship with the listing agent which will improve your chances...and make sure they know how serious you are. But a 30-day escrow can take much longer based on loans, repairs etc. As soon as they have loan approval and have removed contingencies, you are probably out of the loop.

K

  • January 30 2009
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Profile picture for natewolf

How long you wait is ultimately up to you. You likely can remove/withdraw your offer-- Check with your REALTOR.


But if you really want the house, you will want to keep your offer in place until the other buyer (in the First Position) actually closes. Withdrawing your offer BEFORE the actual transfer of title is not recommended if this is the property you really want.


Realize that banks are very sketchy right now. Loans and Buyer Approvals are being put through crazy requirements right now. So even with a solid approval from a bank, the first buyer may not be able to close escrow if their bank goes out of business. Better safe than sorry.

  • January 22 2009
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Profile picture for askmaryann
Your agent should beable to answer this for you. You should know before the 30 days, once all the contingencies have been met, if the buyer has not backed out by then, chances are the deal will go thru. In the meantime, keep searching incase something better comes on the market, good luck to you
  • January 22 2009
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