but I'm very undecided between 2 houses and can't make up my mind. Was anyone else ever in this situation. Any suggestions?
FTRBRIDE
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Re: I think I'm ready to make an offer......
Make an offer on both before they accept someone else's offer. In this market, if you wait you lose. They can always accept your offer and then you can change your mind. We had one offer accepted and backed out right before contract b/c we didn't like some of their terms...the only thing we lost was our engineer fee.
Dani00518
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Re: I think I'm ready to make an offer......
Posted by FTRBRIDE
Make an offer on both before they accept someone else's offer. In this market, if you wait you lose. They can always accept your offer and then you can change your mind. We had one offer accepted and backed out right before contract b/c we didn't like some of their terms...the only thing we lost was our engineer fee.
I didn't think you could do that.
TracyInQueens
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Re: I think I'm ready to make an offer......
Posted by Dani00518
Posted by FTRBRIDE
Make an offer on both before they accept someone else's offer. In this market, if you wait you lose. They can always accept your offer and then you can change your mind. We had one offer accepted and backed out right before contract b/c we didn't like some of their terms...the only thing we lost was our engineer fee.
I didn't think you could do that.
I don't see why not- you can make an offer, the sellers may accept, and someone could come along tomorrow and offer more than you, and you're out in the cold. It's a dog-eat-dog thing, homebuying. Definitely make offers on both if you're that interested.
amazon_gracie
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Re: I think I'm ready to make an offer......
Don't wait too long. If you see something you like, you should make an offer right away. Chances are, if you like it, there are a bunch of others that liked it too. Good Luck!
Kra5hnburn
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Re: I think I'm ready to make an offer......
I agree with everyone else--make an offer on both. Chances are, there is or will be another offer on at least one of them and at least you have the other to fall back on if you don't want to get into a bidding war. Also, if the engineers report came back with things that made you unhappy on the one you like better, at least you have the other to fall back on.
HearzBellz
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Re: I think I'm ready to make an offer......
Posted by FTRBRIDE
Make an offer on both before they accept someone else's offer. In this market, if you wait you lose. They can always accept your offer and then you can change your mind. We had one offer accepted and backed out right before contract b/c we didn't like some of their terms...the only thing we lost was our engineer fee.
ditto
DjPiLL
Posted:
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Re: I think I'm ready to make an offer......
If you are going to do this... you should at least have the decency to let the seller know you are also making an offer on another house. That might cause them to move quicker.
If a buyer ever made an offer on a property I had for sale, and then retracted their offer because they made multiple offers on properties without telling me... i'd be mad pissed.
computergirl
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Re: I think I'm ready to make an offer......
DJPill, really good point about letting the seller know. I'd be really pissed too if that happened to me.
FTRBRIDE
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Re: I think I'm ready to make an offer......
Posted by DjPiLL
If you are going to do this... you should at least have the decency to let the seller know you are also making an offer on another house. That might cause them to move quicker.
If a buyer ever made an offer on a property I had for sale, and then retracted their offer because they made multiple offers on properties without telling me... i'd be mad pissed.
The seller is going to try to push for contract as soon as possible anyway, so they will find out soon enough if the prospective buyer is prepared to go ahead or not. That is why sellers almost always accept secondary offers- b/c the reality of it is that the binder isn't worth the paper it is written on. Sellers and buyers should be prepared for all situations. It's business.
DjPiLL
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Re: I think I'm ready to make an offer......
Posted by FTRBRIDE
It's business.
Just like there is a RIGHT way to do business... and a WRONG way.
Look at it this way... if somebody pulls that crap with me with a retracted offer... I WILL tell them in their face how I feel about it. And it wouldn't be pretty.
I am sure I am not the only seller that would feel the same way.
If a seller is going to disclose to a buyer that they are accepting an offer as 'a second'... then a buyer should disclose that they are bidding on more than one house.
Jmg11
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Re: I think I'm ready to make an offer......
If you back out of an offer before going to contract you don't have to tell them why.
We backed out of the first offer we made - and I just told them it wasn't the house for us...we changed our minds.
It happens more than you think.
I worry that if you tell them you are making more than one offer - they will take someone elses offer more seriously.
DJPill - I dont want to start a fight but trying to say there is a right way and a wrong way to business then saying 'Look at it this way... if somebody pulls that crap with me with a retracted offer... I WILL tell them in their face how I feel about it. And it wouldn't be pretty. '
is pretty hypocritical. People retract offers - it's part of the game.
If you aren't sure what is right for you - then I would ask your lawyers for some advice.
FTRBRIDE
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Re: I think I'm ready to make an offer......
Posted by Jmg11
DJPill - I dont want to start a fight but trying to say there is a right way and a wrong way to business then saying 'Look at it this way... if somebody pulls that crap with me with a retracted offer... I WILL tell them in their face how I feel about it. And it wouldn't be pretty. '
is pretty hypocritical. People retract offers - it's part of the game.
I completely agree. The fact remains that he would not even have the opportunity to say a word to the potential buyer, b/c retractions are done through attorneys.
DjPiLL
Posted:
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Re: I think I'm ready to make an offer......
Its reasons like this why I do not sell a property without taking a 'good faith deposit' from any potential buyer.
Usually like 100-200 buks, which is due right after the verbal offer.
Again like I said... just because people retract offers 'all the time'... doesn't mean its RIGHT because its NOT.
IrishBride-05
Posted:
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Re: I think I'm ready to make an offer......
Shortly after we got engaged last year we made an offer on a house. At the time we were planning a destination wedding, so we had our deposit and were ready to buy a house. One way or another, around the same time, we got pressured into doing a 'traditional' wedding and realized we would need that money to spend on our larger wedding. We decided to retract our offer before going to contract and the homeowner returned our binder check, even though the house had been on the market a long time, and I'm sure the homeowner was upset we didn't go through with it.
I would certainly do the same to any potential buyer if the situation were reversed. In fact, it basically did happen when I was selling my co-op, but I was lucky enough to have a back-up offer.
The housing market is dog-eat-dog and you need to be flexible.
Jmg11
Posted:
Member since
Re: I think I'm ready to make an offer......
Posted by DjPiLL
Its reasons like this why I do not sell a property without taking a 'good faith deposit' from any potential buyer.
Usually like 100-200 buks, which is due right after the verbal offer.
Again like I said... just because people retract offers 'all the time'... doesn't mean its RIGHT because its NOT.
I put a binder down of $500 with my first offer - and I got it back when I retracted.
It isn't a matter of wrong or right - its a big decision and people are entitled to change their minds for whatever reason they want to.
FTRBRIDE
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Re: I think I'm ready to make an offer......
Binders aren't worth the paper they are written on, and 'good faith deposits' are a archaic and rarely used anymore. People make offers on houses that they are not sure they intend to buy, it is a standard practice in home sales. If you prefer to live in a world where you believe it will not happen to you, or you would never do it, go ahead. I'm not going to argue with ignorance. I'm done.
DjPiLL
Posted:
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Re: I think I'm ready to make an offer......
Posted by FTRBRIDE
I'm not going to argue with ignorance. I'm done.
Well frankly I think you are just as ignorant to the fact that its ok for people to make multiple offers on houses 'just because they can't make up their mind'.
Give me a break and grow up. This isn't child's play... making an offer on a house is serious business.
sophie78
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Re: I think I'm ready to make an offer......
I think you have to do what is best for you. So if it is best to retract, then do that. The seller might be upset. But that is life. There is a reason why people sign contracts (because an offer is just an offer, not the final word).
dkwife
Posted:
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Re: I think I'm ready to make an offer......
Posted by DjPiLL
Posted by FTRBRIDE
I'm not going to argue with ignorance. I'm done.
Well frankly I think you are just as ignorant to the fact that its ok for people to make multiple offers on houses 'just because they can't make up their mind'.
Give me a break and grow up. This isn't child's play... making an offer on a house is serious business.
Yes, it's serious business and there are plenty of times a buyer will take someone elses offer after verbally accepting yours, so what is the difference with retracting? Like they said, it's a dog eat dog world in real estate on long island.
