Bid Accepted - should be happy right? NOT!...UPDATED
kittyke
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Bid Accepted - should be happy right? NOT!...UPDATED
We made a bid on a house and there were other bids put in so we didn’t get our hopes up b/c we also needed to sell our c-op to have a down payment, anyway the bid was accepted, they have a potential buyer for our co-op HOWEVER our r.e. agent said that even though the bid was accepted....if another comes through higher the home owners CAN still take it - is this true and has this happened to anyone? Then she calls me that they want more $$ down then I said I put put down. It is hard because I can't move forward with my buyer for the co-op without knowing FOR SURE that the house will be ours, or else we will be sleeping in our cars!
UPDATE *** Our lawyer called me today - said he has the contract - HOWEVER the down payment UPON contract says 34,000 - are they crazy? I told real estate lady we would do $10,000 upon signing, what a @%$#&%^ mess! ***
LizD
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Re: Bid Accepted - should be happy right? NOT!
I would say they obviously accepted you bid for a reason (meaning it was the highest and/or strongest offer they had). It depends on how much you want the house. I don't like when they play these games, I don't think it is right that they can get another offer and accept that after yours was already accepted. If it were me, I would let it go and keep looking. Like I said it really depends on how much you want the house.
Good Luck
MarcellaBella
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Re: Bid Accepted - should be happy right? NOT!
They are def playing games..
Misha
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Re: Bid Accepted - should be happy right? NOT!
I would try to go to contract as soon as possible, meaning get an inspector in there right away. Also, if you can meet with the homeowners, try and develop a good rapport with them. the more they like you, the more they are likely to stick with you even if another offer comes in. But show them you can move fast and are for real by getting your engineer down there fast! Once report is back and you are comfortable with your purchase, you can sign a contract and no one can outbid you at that point.
it can work the other way too...the buyer can put in their bid...have it accepted and they can still pull out for inspection reasons...or whatever...
good luck...I hope they are serious with you guys!!!
Teri
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Re: Bid Accepted - should be happy right? NOT!
Posted by kmcwed
It's true. My RE agent told us that until a house is in contract, they can keep showing it and can accept a higher bid if one comes in.
Doesn't that s*ck! Grrrrrrr
Yep, it's true....but what I don't understand is when you see ads in papers on notices on properties that the sale is 'in contract'....so if they've accepted the offer and signed the contract, then why advertise that? I guess if the contract falls through but how often does that really happen?
Fran M
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Re: Bid Accepted - should be happy right? NOT!
yes its definately true, it actually happend to us. But things happen for a reason.
We made an offer and it was accepted two days before we were leaving on a two week vacation. The seller told us that if a better offer came in while we were away that he would wait for us to return and let us counter. Well another offer came in $30,000 higher than ours. There was no way we were going to come up that much. The house needed a ton of work. So that was that.
We found Our House a few weeks later. It was in 100% better condition than the other one and was priced better too.
AtticaQT
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Re: Bid Accepted - should be happy right? NOT!
Posted by kmcwed
It's true. My RE agent told us that until a house is in contract, they can keep showing it and can accept a higher bid if one comes in.
Doesn't that s*ck! Grrrrrrr
This is true - get a inspection of the place and go into contract ASAP
AtticaQT
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Re: Bid Accepted - should be happy right? NOT!
Posted by Teri
Posted by kmcwed
It's true. My RE agent told us that until a house is in contract, they can keep showing it and can accept a higher bid if one comes in.
Doesn't that s*ck! Grrrrrrr
Yep, it's true....but what I don't understand is when you see ads in papers on notices on properties that the sale is 'in contract'....so if they've accepted the offer and signed the contract, then why advertise that? I guess if the contract falls through but how often does that really happen?
That does happen pretty often actually - if you aren't pre-approved for a mortgage then you dont know if you will get a mortgage for the amount you are looking for... Friends of ours just bid on a house that has been 'in contract' twice so far. Its because people bid on houses without getting approved for mortgages and not being realistic about the amount the can be approved for.
wacky
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Re: Bid Accepted - should be happy right? NOT!
Stand your ground, you could be bidding against yourself
kittyke
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Re: Bid Accepted - should be happy right? NOT!
Thank you all for the information, I met with the attorney last night and he said everything looks good and things should go smoothly!
kittyke
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Re: Bid Accepted - should be happy right? NOT!...UPDATED
ANYONE ever experience this? If so, what did you do? I am starting to have panic attacks
Suzanne
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Re: Bid Accepted - should be happy right? NOT!...UPDATED
try not to panic (i know thats hard) call your lawyer and say that all you are prepared to put down at contract is 10K and the rest will be at closing and have him contact the sellers attorney.
kittyke
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Re: Bid Accepted - should be happy right? NOT!...UPDATED
Thank you Suzanne, that is what he is doing right now, he will call back when he gets an answer, between all the phone tag - every question has been taking 4 days to get an answer too.
** Also, I don't understand, this $$ doesn't go intot he sellers hands anyway.,, what is the difference if it is now or at closing?
Suzanne
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Re: Bid Accepted - should be happy right? NOT!...UPDATED
Generally the more you put down at contract the less likely you are to walk away from the deal... So even though you and I might think 10K is alot of money, they might not think thats enough for you to stay vested in this deal (in case something better comes along for you) thats what I heard.
We also had these problems where it took DAYS AND DAYS for us to get answers.. we signed our contracts in mid novemeber, we didnt actually get them back signed until December 16th (they signed them on the 13th) its CRAZY how some people will drag their feet...
And whats also weird is that if you were in most other states you would be talking to the seller yourself because most states dont require attorneys...
Mary
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Re: Bid Accepted - should be happy right? NOT!...UPDATED
Posted by kittyke
UPDATE *** Our lawyer called me today - said he has the contract - HOWEVER the down payment UPON contract says 34,000 - are they crazy? I told real estate lady we would do $10,000 upon signing, what a @%$#&%^ mess! ***
It is customary that 10% be put down at the time of contract, unless otherwise agreed to by the parties. Did the seller agree to $10K?
kittyke
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Re: Bid Accepted - should be happy right? NOT!...UPDATED
Mary - the bid was Verbally accepted and it was on there.
Fran M
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Re: Bid Accepted - should be happy right? NOT!...UPDATED
Just about everything in the contract is negotiable. Use it as a starting point. Your attorney should review the items that want changed with their attorney. The price of the house is just the beginning of the negotiation. I think 10% down at contract is standard but you can try to work with them on this. For example if you provide proof that you have the funds available and show them a pre approved mortgage and let them know you want a quick closing they may move on that point. Good Luck and congratulations.
