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Can I Make an Offer on an Ocala House Already Under Contract?

Can I Make an Offer on an Ocala House Already Under Contract?

Wondering if you can make an offer on a house already under contract? In a competitive real estate market like Ocala, it’s not uncommon to find properties already under contract with other buyers. But does that mean all hope is lost for buying the Ocala home of your dreams?

In this blog post, Ocala realtor Scott Coldwell and the professionals at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will whether it’s possible to make an offer on a house already under contract.

Key Takeaways:

  • Yes, it is technically possible to make an offer on an Ocala home already under contract. However, it will be considered a backup offer and will only be accepted if the initial contracted sale falls through due to a specific problem.
  • Being under contract does not necessarily mean the sale is final just yet. There are still several common contingencies that could potentially cause the deal to fall through before closing.
  • Until the actual closing happens, the sale is not truly final. This creates a window of opportunity that allows other buyers to make backup offers.

Can I Make an Offer on an Ocala House Already Under Contract?

Understanding What “Under Contract” Means

When a seller accepts a buyer’s offer on their home, that property status is listed as “under contract” in the MLS listings. This indicates that the seller has entered into a legal contract to sell to that buyer after accepting their offer terms.

However, being under contract does not necessarily mean the sale is final just yet. There are still several common contingencies that could potentially cause the deal to fall through before closing. These include:

  • The buyer’s financing being denied
  • The home inspection revealing major unexpected issues
  • The home appraising for less than the contracted purchase price
  • One party getting cold feet and trying to back out of the contract

If any of these scenarios arise, there’s always the chance the sale might not happen. Until the actual closing happens, the sale is not truly final. This creates a window of opportunity that allows other buyers to make backup offers.

How Backup Offers Work

A backup offer involves you, as a prospective buyer, submitting an official offer to the seller in case their current contracted deal falls through for some reason. If accepted, your offer simply goes into a “backup” position behind the first buyer’s contract.

If everything proceeds smoothly with the initial contracted sale, your backup offer is moot and you move on to pursue other homes. However, if something goes wrong and that initial deal crumbles before closing, then the seller could contact you on your backup offer.

This is beneficial for them because it means they won’t have to relist and restart the whole selling process.

Pros and Cons of Making a Backup Offer 

If you’ve fallen in love with a particular home already under contract, submitting a backup offer can seem worth it to get a shot at purchasing it. You can rest easy knowing you’ll be next in line if the first deal implodes.

On the other hand, backup offers face an uphill battle since most real estate deals do successfully close once under contract. Meanwhile, there’s always the risk of relying on your backup offer while other desirable homes get snatched up. Unless you have a strong connection to that specific home, it may not be worth the gamble.

Ultimately, it is technically possible to make an offer on an Ocala home already under contract. However, your backup offer will only be accepted if the initial contracted sale falls through before closing due to a specific problem.

Our Ocala Real Estate Team Makes it Easy to Buy a Home

Can I Make an Offer on an Ocala House Already Under Contract?
Scott Coldwell

An experienced realtor can assess your specific situation and advise if a backup offer is truly worth pursuing on a home you can’t stop thinking about. At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team have worked with thousands of home buyers in Ocala and North Central Florida.

We know exactly what to do to guide our clients through closing and into their dream homes.  Our experience is only one reason we’re the best realtor in Ocala. In addition, we offer unique buyer guarantees that make the buying process risk-free, like our Buyer Protection Plan.

To learn more about working with Your Home Sold Guaranteed Realty - Coldwell Real Estate Services to buy a house in Ocala or the surrounding areas, call 352-290-3512, send a message to [javascript protected email address], or fill out the form on this page.

To Discuss Your Home Sale or Purchase, Call or Text Today and Start Packing!

Scott Coldwell $ 223 SW Broadway St, Ocala, FL 34471 352-290-3512
Scott Coldwell, Broker/Owner
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