Q. Can we put an offer on a house if it is currently under contract?
A. Yes, but.
You can put in an offer on a house that is already under contract if the seller will take it. The seller does not have to take any additional offers after a home is under contract. In fact, the seller is under no obligation to accept an offer period, ever and at any time.
Once a home is under contract it’s under a legal document by which both parties have to abide or suffer the consequences if it is broken.
Many times a seller will take subsequent offers from buyers even if the homes is already under contract, but those offers will be in a back-up position and there are usually additional clauses in the back-up contract protecting both the buyer and seller.
It is common for sellers in a short sale situation to take back-up offers, because it is more common for the first position buyer to back out, when possible, for a multitude of reasons. One of which is getting tired of waiting for the bank’s approval or when the buyer found another home. Not to lose time, the seller will have a back up offer to put in place of the one that just fell through. Homes were a seller is more willing to take a back up offer are usually designated as AWC or active with contingency.
It is also possible that a seller will take a back up offer if he/she feels that the current buyer is not well qualified or that there is a chance the current offer will fall through.