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Lar3140
(@Lar3140)
Active Member
Joined: 1 year ago
Posts: 16
May 3, 2018 1:34 pm  

Couple questions, there is an offer on a house and they have till may 30 to get financing, then there is a back up offer cash, then we are the third in line with a back up offer. My question is if first offer doesn’t get financing, and second back up offer that is cash is less than our offer full price can seller go with us?


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vicanuck
(@vicanuck)
Trusted Member
Joined: 9 years ago
Posts: 2302
May 3, 2018 3:24 pm  

Ask your realtor.


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quirion
(@quirion)
Advanced Member
Joined: 7 years ago
Posts: 427
May 3, 2018 9:15 pm  

Should just get out of that complicated madness and buy my house.

Just saying 🙂


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Lar3140
(@Lar3140)
Active Member
Joined: 1 year ago
Posts: 16
May 4, 2018 12:17 am  

Is this Robert?


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quirion
(@quirion)
Advanced Member
Joined: 7 years ago
Posts: 427
May 4, 2018 2:43 am  

Is this Robert?

Nope just someone else selling a house 🙂


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Alana33
(@Alana33)
Expert
Joined: 7 years ago
Posts: 12124
May 4, 2018 10:25 am  

The seller can do whatever the seller wants. The first offer that's contingent on financing has a set amount of time to obtain financing which is usually written into their offer to purchase contract.
If they haven't been able to obtain financing within that timeframe, the seller is free to choose whichever back up offer then suits best.

It's always good to get prequalifed for a loan.

It's important that as soon as your offer gets accepted to begin the process of acquiring homeowners insurance. Things are taking longer to process.

Do not base your homeowners insurance on what seller paid nor sale price but the cost of reconstruction or you may find yourself underinsured as unfortunately, many people have discovered and the insurer won't cover costs in the event of significant damage to your property.

Depending on your location you may also wish to obtain a separate Flood Insurance policy.
Windstorm policies do not include flood protection.
See this link:
https://stthomassource.com/content/2018/05/03/fema-advises-homeowners-that-flood-insurance-plays-vital-role-in-recovery/

You should discuss situation with your realtor.

Good luck to you.


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