Making an offer on a "Pending" house?

Question

Howdy,

In Seattle area and found a house that need complete rehab, its only been listed on the mls for 7 days and has an offer pending already. I know the market is fast but would it hurt me to offer the full asking price as a back up for the seller?

I am 21 with a savings for 18 percent of the asking price (roughly 209k) and could meet conventional mortgage lending requirements

Thanks guys

Adrian Chu · Answer

Yes, go for it.

But, you mentioned complete rehab.  Will the home qualify for a conventional loan?   Chat with your broker and loan officer.

Just because you can doesn't mean the house will qualify.

Good luck flipping!

Randy E. · Answer

Go go Gadget Copter!

Tyrone Green · Answer

In my area, I have recently seen countless properties go from "pending" status to an active listing again. Here in Grays Harbor county properties are being snatched up left and right by eager home buyers as soon as they are listed. You have to be in the game to win it.

I say go for it, it is worth a shot!

Rey Orinion · Answer

@Blair Poelman was absolutely right.  I once made a backup offer and ended up getting the property because the buyer's financing fell through and I was next in line.  Just do it, it never hurts to try. :)

Blair Poelman · Answer

Dude!  Put in your offer!

It takes very little effort to fill out a couple pages of paperwork in order to be in a backup position.  I've seen countless buyers back out.  Also, as a seller I LOVE LOVE LOVE having backup offers.