we finally had a bid accepted on a house and we are signing our binder tonight. but now what? i have no clue what comes next. inspectors?lawyers? tia
dengal
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Re: Our bid was accepted but now what?
They (the seller) will ask for the name/number of your lawyer. Their lawyer will put a contract together and have it sent to your lawyer. In the interim, I would recommend you get the place inspected. Let's suppose the inspector comes back and says the house needs a new roof. You can use this information in the contract process to have the current seller replace the roof or lower the selling price the amount it would cost to replace the roof. Good Luck!
dbcrosby
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Re: Our bid was accepted but now what?
thanks.can i have an inspector come in if the house isnt done being fixed. the story on the house is this- 3 brothers bought the house and basically ripped it apart and are rebuilding it- new everything!!! they have not completed anything really. should an inspector come in now or after they are done in 2 1/2 weeks?
dengal
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Re: Our bid was accepted but now what?
I would wait until they are done with all the work. I'm sure they are nice guys and it looks like they are doing a nice job, but who knows if they are doing the work properly. It usually takes a week or two to get the contracts rolling anyway. Perhaps they'll be motivated to finish up the project now that they have buyers lined up. Definitely wait.
Jo Ann
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Re: Our bid was accepted but now what?
I would talk to the lawyer and sign the contracts with something in it that says the contract is signed with out the engineer in and terms may change at that point. The lawyer will know exactly how to handle it. But just a word of advise from experience sign the contracts ASAP. dont wait b/c they can still accept another offer.
Good luck
dbcrosby
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Re: Our bid was accepted but now what?
THEY CANT TAKE ANOTHER OFFER AFTER A BINDER IS SIGNED RIGHT?
sept20yay
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Re: Our bid was accepted but now what?
no, they can take another offer once the binder is signed. It is the contract that does anything legal. I never really figured out what a binder was. or what it does.
dengal
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Re: Our bid was accepted but now what?
A binder is more of a handshake promise that they won't agree to sell the house to someone else. Like mentioned above, it's not a legal promise. Let's suppose someone offered them $20K today for the house - I'm sure they would take that offer over yours.
Other times, the sellers will take 'backup' offers should yours fall through.
Jo Ann
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Re: Our bid was accepted but now what?
OK I learned this the hard way. In NY they can legally accept another offer until closing. It is very very rare that they will accept an offer after signing contracts b/c you can turn around and sue the seller for legal fee's, engineers etc. But they can accept other offers.
We had an offer on a house and the day before we went to contract they accepted another offer. Now I had already given $ to a lawyer, engineer etc. Luckly the seller reimbursed us. But it does happen and nothing is golden until closing.
dbcrosby
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Re: Our bid was accepted but now what?
well, now im not feeling so assured. anyway, we signed the binder last night and today i am going to call an engineer to come to the house asap. wish me luck
julz33
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Re: Our bid was accepted but now what?
I agree, sign the contracts quick. I speak from experience
