There's a property that I really liked (from description) but it went under contract before I got a chance to see it. I asked my Realtor what about making a competitive offer and he said it's sufficient to let the listing agent know that we also have interest in the property and they should contact us if their deal doesn't go through.

Another guy I talked to told me that some agents will break contracts (even in the middle of inspection) if a more competitive offer is on the table. There are potential legal consequences, but nobody pursues them (especially in the SFR world).

Any recommendation? Should I insist my agent make an offer? (he said they're in the inspection period).

Falling in love with a house is a sure way to lose money, or, at best, not make as much as you should. Let your agent make the listing agent aware you're interested if the current contract breaks. There's a fair chance it will. Meanwhile, move on to the next 10 properties.

Originally posted by Jon Holdman:
Falling in love with a house is a sure way to lose money, or, at best, not make as much as you should. Let your agent make the listing agent aware you're interested if the current contract breaks. There's a fair chance it will. Meanwhile, move on to the next 10 properties.

Another piece of priceless wisdom from Jon.

I ditto that.

Make an offer and move on. The odds are that you won't pick up the home, but if you do, consider it a nice bonus.

I am a real estate broker and I can tell you that you can always find a better one. Unless you buy a home in Europe, most home in USA are not unique, they all look the same so keep looking and you will find the perfect home for the perfect house. And don't be afraid to make an offer.

Sure, if you want the house, write a back-up offer. Should I assume you have seen the house by this time? If not, view before you write the offer.

Many deals fall out of escrow, so there is a chance you will still get the house. Your offer doesn't have to be better than what they have now. If it falls out, the sellers will probably be amenable to dropping the price, just from discouragement.

I don't know about killing the existing deal if a better offer comes in, but sometimes buyers need extensions, changes of terms, demand improvements, and the sellers can opt out of the contract at that time, and they might if they have a bona fide back-up offer.