Want Rehab Home Under Contract
There is a property currently under contract, for the past 2 months, that is a total gut job. The current buyer is paying cash. I am also interested in the home and would like to make an offer in cash to the buyer, seller or agent. How would I go about doing this if its possible? The property is listed as $30k. The agent of course will not specify the agreed upon price between the buyer and seller. Or should I not bother? I'm think about offering the $30k for the property. Should I add 10% or not put a figure down?
Since all properties are different and all markets are different I am going to assume that you did your homework and that $30K will work in your numbers for a purchasing price.
If you want to make an offer to the Seller contact the agent and say you are offering a closing in XX amount of days for XX amount of dollars and request that you be present when the offer is submitted. Or you can always submit it and request a sign-off by the seller of denial. I prefer the first method though.
Does the seller's agent have to present the new bid or do they file it until the buyer backs out? Also, what exactly is a sign-off by the seller of denial? Is that when the seller responds to my bid?
But thanks for the encouragement. I did call the seller's agent and tomorrow I'll be going to put a bid in for the asking price of 30k. The agent says that the seller had to get an affidavid from it's "trust/trustee" (non-profit company) because the accepted buyers price was so far below the market price(asking?). I am unsure that the agent will tell the seller of my bid though. The current buyers bid was excepted on Oct 6, so it's been over 2 months now.
I don't see anything that could change the current contract. It's a very good deal even for the full asking price of this gutted building. I did mention to the agent that I would be willing to buy the contract from the current buyer and they said it's possible. The buyer would certainly make something from doing nothing.
If anything, it's a good experience if I loose out. Oh well. :-(
What in the world are you guys talking about? If this house is being sold through a real estate agent there is no funny business, or wink wink dealing to be done. Simply ask the agent if he is accepting back-up contracts. Explain to him that you are interested in putting one in and do it.
If the house is under contract, it is under a CONTRACT. Contracts are legal and binding, there are laws that have to be followed or people get sued. No realtor is going to risk losing his license over a $30,000 house.
Rehabinator, I am putting in a back up bid tomorrow with the seller agent. My question was not about being underhanded with anything under contract. I am curious if others have made legit offers to the buyer before the contract is complete. Inotherwords, is it possible for me to pay a higher price to the buyer for the property they are about to purchase. ie, the buyer pays the seller say 27k (whatever they agreed to) and then sells the property to me for say 32k.
I am sorry, but I am not sure which post Rehabinator is reading either, I don't recall saying to do anything underhanded or wink, wink. You can accept as many offers as you want on a property as long as you have disclosed there are others or you are currently under contract. Gesh!
If you truly want the property I would do just like you are doing and put a back-up offer in. It has been long enough that the buyer may be coming back and trying to ask for an extension, then the seller can decide which offer they want to go with, the one they are currently under contract or yours.
And yes it is possible for you to buy from the buyer. If their contract to purchase is assignable, you may be able to offer them a few thousand for their time. If it is not, you can go the more expensive route and do a double closing.
Excuse me, I mis read you post.