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how long does someone have to decide if the want to purchase a house after they have signed a contract.

i looked at a house and wanted to purchase it, i was already approved for the loan, we i went to sign the contract, my realtor said someone had put a contract on the house but at the time was not pre-approved. they soon later got approved, but still have not decided if they want to purchase the house.
i would sign right now if i could.
is there anything i can do to increase my chances over the other person.
the house is bank owened.

gmakerley · Posted: Sat Oct 31, 2009 4:52 pm Post subject:

you seem to have a great deal of knowledge about the other potential buyer - that's a rarity in this world of real estate. how did you come upon this information - from your realtor? it strikes me as rather peculiar.

of course, holding out hopes for this particular property pretty much prevents you from finding another that you'd like, don't you think?

i suppose you could ask your agent to ask that your offer be kept "alive" until that other person makes up his or her mind. maybe that would work for you.

elnoralittle · Posted: Sun Nov 01, 2009 6:12 am Post subject:

The whole thing sounds shakey to me. Once someone has a contract on a house, you can't just say...oh I don't know if I want it.
The seller has a legal binding contract, the other people are binded to buy the property unless there is a loop hole they can use.
I need to ask, are you working with a dual agent, an agent that is working for the seller and you?

Also, you can write up a contract on the property, you would be the back up contract. So if the other couple decides they don't want it, the house autmatically goes to you. This would also assume the seller will accept your contract too.

I would keep looking too, this happend to me, and I ended up finding the best house ever.

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