Just thought to pose the second portion of the dilemma:
The Seller accepted the "all-cash" offer. We are listed (on the database) as a "back-up offer". However, my Realtor has advised me that there hasn't been much progress (or so it seems) with this accepted offer. It was supposedly accepted nearly three weeks ago.
So, now, my husband & I are in this strange "back-up" limbo where we're actively looking at other places; but still keeping one eye on the co-op we really love. We're unwilling to really - seriously - contemplate any new places while this other one is still ambiguous.
Does anyone have any idea why an accepted "All-Cash" offer may be taking longer than 3-weeks to progress?
Does this increase our odds/probabilities of having a chance (again - being the back-up offer) at getting the place of our dreams?
My realtor suggested it may have been delayed b/c of the holiday weekend & that we will wait a few days - but after that they will aggressively pursue options
Again, Nadine, spank him a little. Tell them that the offer you made on their place drops by X amount per day. I think 1,000 is a nice round number, for Y amount of days. You probably won't get the property, but if you do, you will get it at a sweet discount. And either way, win it or lose it, you will feel great about yourself psychologically.
Go get 'em.
Hi Nadine, the reason you have a Realtor is so YOU don't have to worry. Listen to your agent and in a few days if you don't get any answers recind your back up offer and move on. Three weeks with no progress in todays market can be a red flag. OR, make them perfectly aware that your offer is only good until a certain date and stick to it.
Three weeks seems like a long time for a cash offer to fly or fail. Usually there is a period of a week or so to verify that the funds are available. There are home inspections and negotiations regarding those inspections, as well as title work.
What is your agent telling you? Your agent should be talking with the listing agent to see when that agent thinks this deal will sink or swim.
Good luck. But don't stop looking...you may miss another dream home.
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