under contract backup offers (appraisal, agent, sale, accepting)

[stuckindenial]

i want to submit a backup offer on a home that is under contract and scheduled to close THIS WEEK; my realtor and husband think this is a DUMBASS idea.

aren't realtors obligated to submit offers to a seller right up until closing? what are the reasons for NOT submitting a backup offer? what are the chances that the closing will not happen?

i am PO-ed that we did not put an offer on this house and now nothing is on the market that comes close (and there's been nothing for months) and we are up against a deadline of january to buy b/c we have our lease expiring.

maybe if i submit a backup offer i could overtake the current offer????

[BigDGeek]

With less than a week to go until closing you are unlikely to get the house, but it is not really for your realtor to say you're a "dumbass" for writing an offer. The worst that can happen (and the most likely scenario) is that the sale to the other buyer will close. But if it does not, you might have a shot.

I do not know what a realtor's obligation is; the seller can flat out refuse to entertain a backup offer or they could give it serious consideration, but right now their obligation is to their current buyer, not to you. I do not know what state you are in but in this state (to my knowledge) a seller cannot dump a buyer days before closing because a better offer comes in...not without serious legal consequences anyway.

Make the backup offer if you must, but keep looking. You are not likely to get this house.

[TexasHorseLady]

Even if your offer were higher than the current contract, that would not mean that you could "overtake" it. The seller cannot simply decide he doesn't want to be in the original contract because you make a better offer; he is just as contractually bound as the buyer is, and there are penalties for breaking the contract without good cause (and "got a better offer after accepting the first one" is not legally good cause).

So, you can put in a back-up offer and if you really want to, your agent should comply, or cut you loose (yes, agents can fire clients, just like vice versa, and have been known to do so on occasion) so that another agent can do so. But do NOT put your hopes in it; the odds are very much against you.

[chet everett]

You can make the offer, but besure that you understand the reason for the first deal falling apart - if it is due to appraisal being too low (still pretty common) you are going to have to deal with a larger down payment to close the gap. Can you do that? Is it smart?

Personally I would shop more aggressively and do some real soul searching to make sure that the only reason you want to make the "back up offer" is not due to the fact that it is so unlikely you will get that house -- there is a weird psychology that sometimes makes do things that we know are not going to work out...

[JustJoy]

stuckindenial, you've received some very good advice here. I'm sure the right home is out there for you, but the chances of the current transaction falling through the week of closing are slim to none.