Can You Make An Offer on a Home That Is Under Contract?
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Making an Offer on a Pending Home in the LBI Real Estate Market 
Making an Offer on a Pending Home in the LBI Real Estate Market 
Making an Offer on a Pending Home in the LBI Real Estate Market
Long Beach Island Real Estate
The local MLS (multiple listing service) on Long Beach Island has several different property classifications. Two of the more confusing of them are “pending” and “active under contract.” Many buyers in the LBI real estate market do not understand the difference between these two and the rules surrounding their classifications. Making an offer on a pending home in the LBI real estate market is customarily allowed, however depending on the stage of the transaction, the offer may not be able to be accepted by the seller.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Making an Offer on a Pending Home in the LBI Real Estate Market
Let me begin by saying that any legal questions should always be directed to an attorney that is hired to represent you in a transaction. Every transaction is a little different, so it is best to seek legal counsel. That said, there are some generalizations we can make to help understand the offer process and help determine if making an offer is beneficial. If a property is under contract or pending, there is likely a deal. Furthermore, that deal is probably out of attorney review. By the letter of the agreement, attorney review is a three business day period of time where either buyer or seller (or their attorney) can make changes to the contract, either party may cancel the contract, or other offers may be accepted. Once the attorney review period concludes, a deal is usually binding. An offer can be made and should be presented at ANY TIME in the transaction; however, if the existing contract is out of attorney review, the offer will most likely be held as a back-up offer.
Can You Make An Offer on a Home That Is Under Contract?
Can you make an offer on a home that is under contract? The simple answer is yes, in most cases, you can. The proposal may not be able to be accepted, but it can usually be made. There can be merit in doing so. If you are looking to buy a home and the deal should fall apart, your interest would be known, and you could engage the seller immediately. The effectiveness of making an offer on a pending home all depends on the stage of the transaction and how things are progressing. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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