It is possible when you come across a house that is in contract and still make a bid on it because some sellers may consider having back up options if the original buyer has many contingencies on the contract which prevents them from completing the deal.
For example, the buyer will need extra time to get a mortgage that the seller does not have the luxury of waiting on. When this happens, the seller will fall back onto the second option and go with the second buyer for an immediate sale even if they may not get the best price.
As a second buyer chosen, you may come away with paying a lower price then expected if the original buyer’s contract falls through. Always be ready with your finances, and no need to rush if you have time to wait.
Next time if you see a house you like that is in contract, ask the seller agent if you could put a bid on it. Hey, you never know if your bid gets accepted when the sellers decides to end the process with the first buyer for whatever complications.
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