Anyone lose the house after a bid was accepted....

because another bid was accepted before the contract?

I am impatiently waiting to get the contract date....I don't want this to happen.

Re: Anyone lose the house after a bid was accepted....

We didn't loose our house, but MANY real estate agencies (I won't name them, but I sat in on a meeting and the VP of this agency instructed the agents to do the following) continue to show the house until closing. They inform the people that the house is under contract, but they still show it (I guess with the possibility that the contract falls through somewhere).
This VP even said that if a higher offer is made, you must present it to the seller, even if the house is Under Contract.

When our bid was accepted, and before we went to contract, someone else a few days later outbid us by 15K. Luckily, the owners didn't accept that bid because those particular people 'insulted' the owners earlier by bidding something like 80K below asking price.

Re: Anyone lose the house after a bid was accepted....

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Posted by Chloegirl

because another bid was accepted before the contract?

I am impatiently waiting to get the contract date....I don't want this to happen.

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This is a sucky practice that a lot of homeowners seem to follow. Not much you can do about it unfortunately since the sellers always have the leverage.

Re: Anyone lose the house after a bid was accepted....

we lost a co-op like this when we were looking and it sucked.
but it doesn't happen a lot, as far as i know....

keeping my fingers crossed for you though

Re: Anyone lose the house after a bid was accepted....

I know that even after the binder was signed the previous owner RE said right infront of us that they will continue to show the house, even though the previous owners didn't want to. I think it sucks but I can also, sort of, understand it from an RE point of view. They don't want to have to start over at square 1 if the deal should fall through, but it still Sucks none the less!! I know that we were shown some houses in the very beginning that had 1st and 2nd accepted offers on them. I remember thinking what do they want 3rd and 4th too? Totally sucks!

's I hope you have your official contract soon.

Re: Anyone lose the house after a bid was accepted....

This is very common in NJ. Alot of houses are lost during the 3 plus days of attorney review here in NJ.

When DH and I made our offer we made the offer based that once they accept our offer they could not entertain any other offers during the attorney review period.

Once you are in contract it is somewhat illegal for the seller o accept another offer.

Re: Anyone lose the house after a bid was accepted....

Just got news that the contract was sent to our lawyer today...we are on our way!!