William's Places: The House Is Under Deposit. Can I Still Submit an Offer?

The House Is Under Deposit. Can I Still Submit an Offer?

The House Is Under Deposit. Can I Still Submit an Offer?

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Some properties are flying off the market like hotcakes. This is true not only in other markets, but even here in various parts of Connecticut and in the Greater Waterbury area. Homes that are properly priced for their condition are seeing either multiple offers or a very short time on the market before an offer is submitted and accepted.

Timing is everything. On several properties, I have been contacted by buyers looking to view the properties and submit an offer on them right away. When I investigated the properties in order to set up appointments, I discovered that all of them were either listed as under deposit, or under deposit, continue to show. When I informed my buyers of this, they all responded with the same question: can we still submit an offer?

The answer is not so cut and dry as a simple "no".  In two cases, when I spoke with the listing agent about my clients' desire to submit an offer, I was told that it would be fine to submit an offer, but it would be as a back-up offer, as the seller had already accepted and signed a contract to purchase. The caveat? Both offers were subject to bank approval. Ah, short sales. Homes that are on the market as short sales in CT typically are placed in the "under deposit, continue to show" category of pending sales until the bank has finally granted short sale approval. There are other circumstances under which a seller (whether a private individual or any other entity, such as an LLC, bank, or corporation) may decide to receive offers as back-up offers, because of conditions/terms in the first accepted offer that may or may not be resolved.

That was the exception, not the rule. Normally, any arms-length transaction in which both the buyer and seller have signed the contract, once it is signed, it cannot be broken by anyone except for the parties to the transaction. This means that no other buyer can successfully submit an offer on that property while it is under deposit, so thus it would be rather pointless to submit one.

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Courtesy of William James Walton, Sr. , Realtor, WEICHERT, REALTORS® - Briotti Group

Serving northern New Haven and southeastern Litchfield Counties (Waterbury, Wolcott, Prospect, Naugatuck, Middlebury, Southbury, Watertown, Thomaston and Plymouth)

 

Call William James Walton, Sr. Real Estate Agent with WEICHERT, REALTORS® - Briotti Group (203) 558-7463 for help with your real estate needs -buying or selling -  in Waterbury, Watertown, Wolcott, Middlebury, Southbury, Prospect, Naugatuck, Plymouth and Thomaston

Buyers - Search for Greater Waterbury, CT Area Homes For Sale

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Comment balloon 3 commentsWilliam James Walton Sr. • March 30 2013 09:01PM

Comments

It's never so cut and dry and feel like each property is unique, right?

 

 

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 6 years ago

William - in this hot market...it is so difficult advising clients that it is time to move on to the next property.

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) over 6 years ago

William, a back up offer in a short sale has a long wait, and if the listing agent can offer that the back up is higher than the original, it can take the lead if the bank counters the original offer  Happy Easter

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) over 6 years ago

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