Quote:
Originally Posted by nyalpine90
can anyone explain how this work when you submit an offer. your offer is on backup because there is an offer that was accepted. we increased the offer by 20k and yet there was another offer higher. the house is still on market, status has not changed. we havent heard from the agent we submitted offer twice.
what happens now?? its possible something went wrong with person with higher offer. |
A real estate pro can chime in to correct / add to:
If there is an offer that was accepted, there is a contract. The buyer may be working to obtain financing or there could be other contingencies (inspections, selling buyer's existing home, etc.). If everything proceeds according to plan, they will buy the house. But the buyer and seller are locked in unless and until the contract expires without a contingency being resolved or they mutually agree to terminate the contract.
In the meantime, however, some sellers continue to market the home and take backup offers in case the offer under contract does not close. This might be a sign they aren't confident in the buyer's ability to close. Right now, it doesn't matter how much you offer unless the first contract falls apart. So until then, there isn't much to happen unless you wish to withdraw the backup offer because you found an alternative.