"Can I write a secondary offer ? " asked the Too Late Buyer. In a market that is experiencing Thinventory...that may be a question asked of listing agents. Maybe the Buyer just started looking for a home...maybe there was a thought that "sleeping on it" would give some clarity to having this be the RIGHT decision....whatever the reason...late to the party means not being the primary buyer.
The answer to CAN I ? is you always CAN... SHOULD you ? That is a very personal choice. In order for the offer to become primary in Wisconsin real estate...something has to fall apart with the first offer.
The two major reasons that offers fall apart are due to inspection and financing. If the primary buyer has done an inspection and found that there is a major defect in the property....the contract may be terminated. Another Buyer may see this as an opportunity and work with the Seller in finding a remedy for the problem.
If the primary Buyer is unable to finance the property...due to the loss of a job... a major unexpected expense...health issue....and is unable to obtain a mortgage...a secondary offer can be accepted after the primary is given notice that their offer is being bumped.
Ask the listing agent...where is the primary buyer in the contract...has the property been thru inspection....has the appraisal been done...is there loan comittment . These answers will help a secondary buyer determine whether there is a chance of ever being made primary. The listing agent is working for the Seller and may welcome the opportunity for a "Plan B" should the primary offer fall apart.
IF while you are waiting ...you find another home that suits your needs Ms/Mr Secondary Buyer...you can always withdraw your offer.
You always CAN write a secondary offer...listen to the counsel of an experienced Buyer's agent as to whether or not you SHOULD...and evaluate the realistic opportunities of owning that house or moving on to another one.
If you or anyone you know in southeastern Wisconsin is looking to sell or buy a property, call the Hansons ... our years of successful experience will guide you through the real estate market.