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Answers (8)
- MiamiCondosandHomes
- Contributions:21
It is difficult to predict the reasons why a deal falls through when it is under contract, however there is the possibility that it does not pass inspections or another matter which would make it potentially undesirable. It may be a blessing in disquise, good luck house hunting!
- Laurel Jaques, "LAUREL JAQUES"
- Contributions:65
As a listing agent for bank owned homes, I often find that a property becomes very attractive once it goes into contract. I have the buyer's agents email me if they have a buyer who is interested in making an offer. If the contract falls apart, then I go through my email file on the property and contact everyone who sent an email. I suggest this over a phone call because as agents we get many phone calls a day, you don't want to be forgotten! The likelihood of fall out generally depends on the condition of the property, the better the condition, the less likely to fall out. My experience is that banks don't take backup offers and just return the property to active status if it falls out of escrow.
- Adam B. Manville, "CapstoneBroker"
- Contributions:53
If you are really interested in the property and they will not commit to a back up offer, I find it is always best to have your agent check in with the listing agent on a regular basis (for example, weekly). When we do this, if a deal does start to falter, we are often one of the first to hear about.
- Wes Black
- Contributions:509
Your odds are probably 50/50. Issue on foreclosures is the condition of the home, usually the sticking point and it may be up to you just how much damage there is, including mold, that you are willing to pay for to make it a safe place to live.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
In this market anything can happen!
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Probably not .....you can have your Realtor call the listing agent to find out how its all looking though. She may or may not tell you.
- Benjamin J Shoemaker, "BenatAlpha"
- Contributions:55
While Craig makes some very good points...
IF we're talking about an REO or Bank Owned property (and I assume we are bc U posted this in Foreclosure section) this might not be as strait forward. While all those issues that Craig mentioned could surely bring the property back on the market, the typical REO contract will specify VERY short time frames for any of these contingencies to be met, like 7-10 days... so be on the watch becasue if this falls apart it will do so quickly.
Also, I've never seen an REO broker able to get a backup contract approved, even verbally, while there is another contract in place. That means once this goes back on the market it's first come first serve all over again. And I've seen this happen time and time again, heck I've been there trying to get my clients or even my own contract in there once they open the (flood) gate again :)
The key to getting this property IF it comes back on the market is TIMING, and having the right offer. Discuss this with you Buyer's Agent, who by the way should be very familiar with these scenarios if they've done any number of REO transactions.
Good Luck!
IF we're talking about an REO or Bank Owned property (and I assume we are bc U posted this in Foreclosure section) this might not be as strait forward. While all those issues that Craig mentioned could surely bring the property back on the market, the typical REO contract will specify VERY short time frames for any of these contingencies to be met, like 7-10 days... so be on the watch becasue if this falls apart it will do so quickly.
Also, I've never seen an REO broker able to get a backup contract approved, even verbally, while there is another contract in place. That means once this goes back on the market it's first come first serve all over again. And I've seen this happen time and time again, heck I've been there trying to get my clients or even my own contract in there once they open the (flood) gate again :)
The key to getting this property IF it comes back on the market is TIMING, and having the right offer. Discuss this with you Buyer's Agent, who by the way should be very familiar with these scenarios if they've done any number of REO transactions.
Good Luck!
- Craig Fialkowski GRI ,CDPE, "craigfial"
- Contributions:573
This is a typical problem here in South Florida. Buyers look at a property and a week later ask to make an offer, but the property is already in contract.
Unfortunately the question is like asking if you will win the lottery. There are a number of factors involved in the transaction.
Financing
Inspections
Title Insurance
Buyers Remorse
If any one of the above is a problem that cannot be corrected, then the transaction fails and the property will come back on the market.
You may want to submit a backup offer which in the event the first transaction failes, you are automatically in contract. It's not a first right of refusal situation.
I would add into the backup contract a contingency where you can withdraw at any point up until the pending contract fails and you have been notified that your contract is now in effect.
This way should you find something else, you can get out of this contract.
Good luck!
Unfortunately the question is like asking if you will win the lottery. There are a number of factors involved in the transaction.
Financing
Inspections
Title Insurance
Buyers Remorse
If any one of the above is a problem that cannot be corrected, then the transaction fails and the property will come back on the market.
You may want to submit a backup offer which in the event the first transaction failes, you are automatically in contract. It's not a first right of refusal situation.
I would add into the backup contract a contingency where you can withdraw at any point up until the pending contract fails and you have been notified that your contract is now in effect.
This way should you find something else, you can get out of this contract.
Good luck!
interested in a home &its now under contract what are the chances that the deal falls through?? :-(
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