Chesapeake, VA asked in Real Estate Law for Virginia

Q: If a property already states under contract. Are we still able to put a bid on it?

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1 Lawyer Answer
Answered
  • Potomac, MD
  • Licensed in Virginia

A: First of all, whatever "the property states" or the realtor states in the listing isn't directly relevant. What matters is whether the property is actually under contract and whether that contract is subject to unfulfilled contingencies. Once there is a contract for sale of the property signed by the owner(s) and the buyer(s), you have two major strategies if you want that property enough: 1) deal with the Seller by, for example, asking to write a backup offer and hoping the initial contract fails a contingency; or, 2) deal with the buyer by offering to buy as a flip before closing. If you *really* want the property, there are strategies for encouraging the result you want, but you really want a good lawyer advising you, since overzealous pursuit could get you sued for the tort of interference with business advantage also called tortious interference with contract.

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