When you bid on a house
does the Real Estate agent write anything down, or give you anything?
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When you bid on a house
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Re: When you bid on a house
We gave our RE a check for $100 made out to the homeowners. She also took down information from us, like our names, lawyers name, mortgage company name, some other stuff too but I don't remember it all.
We didn't get anything, I believe this info was given to their RE agent?!
We didn't get anything, I believe this info was given to their RE agent?!
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Re: When you bid on a house
But was that when you put your first bid in? Would you have gotten the $$ back if they didn't accept your bid?
See, what happened to us is we saw a house that we liked and put a bid in. It was about $40,000 less than the asking price but we told her we would put down 20% or a little more (which she seemed to like). She said the owner was away and when he got back she was going to present all of the offers that she got (of course she said she got SO MANY) and would get back to us in a day or two but she didn't write anything down. We didn't really think aobut it until after we left![]()
See, what happened to us is we saw a house that we liked and put a bid in. It was about $40,000 less than the asking price but we told her we would put down 20% or a little more (which she seemed to like). She said the owner was away and when he got back she was going to present all of the offers that she got (of course she said she got SO MANY) and would get back to us in a day or two but she didn't write anything down. We didn't really think aobut it until after we left
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Re: When you bid on a house
She doesn't need to write it down and give you something - trust me, she'll remember your offer because her commission depends on it. She probably jotted it down for her own notes anyway. Even if you got something in writing, it wouldn't matter - it wouldn't bind anyone to anything.
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Re: When you bid on a house
You tell the RE your offer and they contact the sellers of the house. If the sellers of the house acept the offer then you are required to put down a binder of $500 to hold your bid and the sellers sign the binder. However, be careful, b/c the binder does not mean that the sellers can't accpeted a bid over yours. They can still accpet another offer. It is not like it was years ago. All it really does is shows you made an offer and they accpeted.
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Re: When you bid on a house
Posted by 7706bride
You tell the RE your offer and they contact the sellers of the house. If the sellers of the house acept the offer then you are required to put down a binder of $500 to hold your bid and the sellers sign the binder. However, be careful, b/c the binder does not mean that the sellers can't accpeted a bid over yours. They can still accpet another offer. It is not like it was years ago. All it really does is shows you made an offer and they accpeted.
Would you then get your $500 back?
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Re: When you bid on a house
Posted by Betty
Posted by 7706bride
You tell the RE your offer and they contact the sellers of the house. If the sellers of the house acept the offer then you are required to put down a binder of $500 to hold your bid and the sellers sign the binder. However, be careful, b/c the binder does not mean that the sellers can't accpeted a bid over yours. They can still accpet another offer. It is not like it was years ago. All it really does is shows you made an offer and they accpeted.
Would you then get your $500 back?
Yes.
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Re: When you bid on a house
Posted by 7706bride
You tell the RE your offer and they contact the sellers of the house. If the sellers of the house acept the offer then you are required to put down a binder of $500 to hold your bid and the sellers sign the binder. However, be careful, b/c the binder does not mean that the sellers can't accpeted a bid over yours. They can still accpet another offer. It is not like it was years ago. All it really does is shows you made an offer and they accpeted.
Since when is a binder $500? It was $100 for me last year.
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Re: When you bid on a house
i didnt have to put $ down on my binder just filled out the paper work no $ exchanged hands until we went to sign the contracts.
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Re: When you bid on a house
Our RE only asked for a $100 binder but said that it would look better if we put a $200 binder down. So we did. We got the binder check back after we closed. It is only a good faith check that you won't bid on other houses and they have accepted your offer. As said before, it doesn't mean that they can't accept another offer over yours, I believe it means that they owe you the courtesy to tell you what the other offer is that they are considering so you can adjust yours.
