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Homebuyer questions.... no idea what I am doing....

I found this incredibly perfect house for the perfect price. I contacted the Realtor, and this is what they said:
"The home is currently under attorney review with a prospective buyer. If you are interested in viewing the home for a back-up offer, please contact me direct @ and I will assist you.

I will also send you other comparable homes in the area for you to review at your convenience."

Does this mean that I will not get the house n that it is already gone? Would I be wasting my time? I do want to look at other houses but if I couldn't get this one, I would be willing to wait until later in the year (save more money for a down payment). I just fell in love with it and it is the perfect location.

Any help???

Answer Question

Asked by Alliesmommy05 at 10:18 PM on Jan. 12, 2010 in Home & Garden

Level 1 (0 Credits)
Answers (7)
  • No one is in a binding contract on the home. There is no harm in looking into it. Also, since the realtor knows that this is a "perfect" home for you, s/he might have comps that are better. You never know. These people looking at it might not have a dime.

    Answer by ecodani at 10:20 PM on Jan. 12, 2010

  • It mean that if the other buyer doesn't go thru you are their back-up next in line. But he is asking you to look for other homes in the mean time. The realtor doesn't want to loose you as a buyer.

    Answer by Anonymous at 10:23 PM on Jan. 12, 2010

  • Thank you! This is all so new and confusing to me. I wasn't looking to buy a house yet (wanted to save more money) but I sort of stumbled across the house and couldn't help but fall in love with it! Wish me luck!

    Thanks again! :)

    Answer by Alliesmommy05 at 10:31 PM on Jan. 12, 2010

  • There is a contract on the house but the other buyer might have it contingent on they sell their other house, financing holds up, and financing can fall through if the inspector finds things wrong with the house the bank won't finance. Deals fall through all the time. On the other hand, you go into contract, and if that contract falls through you are next in line for the house, unless someone puts in Another contract, and then you could end up in a bidding war. Ah the perfect house, it is out there for you. If the contract falls through I would want to know why. Realtors work for the SELLER, when you purchase a home you want someone who works for YOU. Get a BUYERS agent, they get a commission too but they work for YOU! Hey good luck!.

    Answer by SEEKEROFSHELLS at 10:39 PM on Jan. 12, 2010

  • Yes, DO make sure you get a realtor of your own, NOT the realtor that is SELLING the house you want. Like the PP said, they are working for the seller, not you and they have the sellers best interest in mind, not yours. And while they'd love to show you other homes, they are still the seller for the home you really want and that presents a conflict if you eventually can actually bid on the house. Good Luck.

    Answer by mom2BOYZnDad at 10:54 PM on Jan. 12, 2010

  • I agree completely with mom2boyzndad- get yourself a realtor and meet with them, tell them what you've found and try to get there through that venue. Under nooooo circumstances tell the listing agent your price range, what you're comfortable paying, what you want exactly- you're not in a contract with them and any information you give them they can totally use to benefit their clients.. keep in mind the agent gets paid to do the dirty work. Enter an agreement with a realtor you connect with and get on this hosue as soon as you possibly can! Good luck, we just bought our first home last month and it was definitely a process!

    Answer by LishaBee at 11:41 PM on Jan. 12, 2010

  • Go ahead and pursue it; the attorneys may not agree.

    Answer by rkoloms at 7:28 AM on Jan. 13, 2010

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