OMG - We put a bid in on a house and it was accepted!

OMG! You may remember about a week ago I told you that we found a house we loved but there was a first accepted offer and they were still showing. I was not very hopeful.

WELL - The deal fell through!!! This is an estate sale and the people were trying to haggle with the lawyer after their offer was accepted and he refused other offers, so the deal was voided and the house went back on the market.

We saw it today, put in an offer and it was accepted! There was someone else right after us that put in the same offer as us!. As we filled out the paper work, tons of realtors and familes piled through. I kept my fingers crossed that noone would outbid us.

We handed in all of our financial papers and pre-qualification letter, contacted the lawyer and scheduled the inspection for monday.

When I spoke to the agent tonight, she said, 'let's just hope noone puts in a higher bid.' I really want this house - if someone puts in a higher bid, does that mean that even though they accepted my offer, we lose the house??? When will we be 'safe' from losing this house???

I am sooo excited, but I'm afraid our hearts will be broken!

Re: OMG - We put a bid in on a house and it was accepted!

You are not 'safe' until both you and the sellers have signed the contract! I'll keep my fingers crossed for you!

Re: OMG - We put a bid in on a house and it was accepted!

Thanks Julz, I am so nervous about this.....
how long does it usually take to sign the contract?

Re: OMG - We put a bid in on a house and it was accepted!

Not trying to make you nervous but for us it took A MONTH! to get into contract... and the sellers kept showing the house during that month. They were going to accept a higher offer unless we wanted to raise our offer to match that one, and we didn't. Supposedly the offer 'fell through' the next day and they called us back. They got a few more higher offers but then decided to stick with us because they were close to being bankrupt and knew the deal wouldn't fall through with us... we already had most of the mortgage paperwork done and were putting 20% down.
I don't know, thats just my story.
I guess if they get a higher offer they can give you a chance to counter offer. Some sellers will stay true to the first accpeted offer.

Re: OMG - We put a bid in on a house and it was accepted!

Yikes! That is a long time to worry! I think we are pretty good candidates though because we are also putting 20% down and we don't have anything else to sell....