Relocate to Wisconsin : "Can I write a secondary offer ?" asked the TOO Late Buyer

"Can I write a secondary offer ?" asked the TOO Late Buyer

"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 forLate to the Party 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 terminatedhome inspector.   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 No mortgageoffer 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.

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Comment balloon 13 commentsSally K. & David L. Hanson • July 23 2016 01:06AM

Comments

There are multiple offers on many properties I inspect around here.  Two things - the inventory is so low, but the good ones are so few!

Posted by Jay Markanich, Home Inspector - servicing all Northern Virginia (Jay Markanich Real Estate Inspections, LLC) over 1 year ago

This is good advice for home buyers. Thank you for sharing. 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 1 year ago

With "thinventory" you have to be ready, willing and able...and quick!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) over 1 year ago

We' call them "backf up" offers here, and I agree you "can" write one, whether or not I can submit one is really the question - thanks for sharing your insight Sally K. & David L. Hanson 

Posted by Jennifer Mackay, Your Bay County Florida Realtor 850.774.6582 (Counts Real Estate Group, Inc.) over 1 year ago

This is good reading for prospective home buyers. 

Have a wonderful weekend.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 1 year ago

A buyer CAN write a back-up offer, but I discourage even looking at a home that's under contract.  The odds are high that it will close, which means the odds are high that we will be wasting our time and energy and emotion.  Better to move on.

Posted by Dianne Goode, Realtor/Broker (Raleigh Cary Realty) over 1 year ago

We only encourage secondary offers if the buyer is willing and able to sit tight for a while and if the first offer seems shaky, perhaps because of a big contingency.

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Hallmark Realtors) over 1 year ago

Good morning Sally and David. You are terrific educators as well as agents.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) over 1 year ago

Hi Sally and David -- I have had some very fortunate buyers take advantage of a "second chance".  

Posted by Michael Jacobs, Los Angeles Pasadena Area Real Estate 818.516.4393 (Coldwell Banker Residential Brokerage) over 1 year ago

Great article Sally, I have had Secondary offers go both ways, it is worth a shot!

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 1 year ago

Sally and David offers do fall apart for the reasons you mention and it does not hurt to be the next Buyer in line.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 1 year ago

This can be a good strategy if the buyer is patient. There is always a chance that financing or the home inspection will not suit the buyer.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 1 year ago

The important part to remember is to withdraw this offer if they find something else or if they lose interest, otherwise they may very well end up buying an unwanted home or at the least being out some earnest money.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) over 1 year ago

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