Posted by matt on July 12, 2002 at 14:20:55:
Brian,
No I didn’t.
-Matt
Problem With Multiple Offers? - Posted by matt
Posted by matt on July 12, 2002 at 12:57:27:
I made an offer on a house yesterday through a realtor. I used the Board of Realtors sales agreement to make my offer. I was informed by the realtor today that the sellers attorney is looking over other bids on the house. I have two questions:
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How long does the seller have to get back to me as to if he is going to accept my bid or not? I did not put a binder deposit on the offer.
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I have an appointment with another realtor this weekend to look at more houses. What happens if I find a deal, make an offer, and I get an immediate yes from that seller? Can I call back the realtor of the first house that I put a bid on yesterday and tell them I’m not interested, or would that be considered breaking my sales contract?
-Matt
Re: Problem With Multiple Offers? - Posted by James Strange
Posted by James Strange on July 13, 2002 at 10:59:20:
Matt,
I usually make my offer good for 3 to 5 days. If they do not respond within that time the offer is no longer binding. They can respond after that time but I am not bound by the offer. I can take it but I do not have to.
Understand that I do not make a lot of offers and I only like to have one outstanding at a time. But lets say that I find a deal that I like and I make an offer. Then I find a great deal and make an offer in this one I would make it assignable with 60 days to close. This would allow me to close the first one and flip the second one.
I like to keep all of my bases covered.
Re: Problem With Multiple Offers? - Posted by David Krulac
Posted by David Krulac on July 12, 2002 at 19:38:23:
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your offer should ALWAYS specify a deadline for expiration, we often use 24-48 hours, then the contract is automatically null and void with no action needed by the seller.
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this is tricky but as long as the seller has NOT accepted your offer as written with absolutely no changes, then your offer can be withdrawn at any time prior to seller acceptance. the tricky part is the timing and determining when the offer was accepted.
David Krulac
Central Pennsylvania
Re: Problem With Multiple Offers? - Posted by Matt (MPD) IL
Posted by Matt (MPD) IL on July 12, 2002 at 14:38:41:
Matt,
You don’t currently have a sales contract you have only a submitted offer to purchase. You can cancel your offer at any time prior to acceptance and then after for the right reasons. If you don’t already have clauses in your offer to get you out such as inspection or other contingencies there are plenty of people here that can tell you about them. Also you can have your atty’s review period to drop any offer you decide you don’t want.
Make your offers with a time frame in mind. You don’t want to put a bunch of offers on the table and let real estate agents “shop” your deal. They can then use your offer to try and get more money from someone else. Not like they can’t tell people they have other offers on a property anyway, but at least you know you’re not hanging in the breeze waiting for an answer only to get “we’ve got multiple offers on this property and since you put your’s in some time ago we’re giving you a chance to increase to “final and best””. Never a fun thing to hear when you’re expecting on getting a house at a good price.
Just remember though, any offer can be withdrawn at any time prior to signed acceptance without any reason at all. You can just simply decide you don’t like the color of the sky that particular day and the deal’s off. Until they accept there’s NO contract.
Matt Yohnk (IL)
MPD Investments Inc.
myohnk@mpd-investments.com
Re: Problem With Multiple Offers? - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on July 12, 2002 at 14:01:51:
did you put a date/time in the purchase agreement as to how long the offer is good for. i always put in my purchase agreements that the offer is good until 5:00pm the next day.
BMP
Re: Problem With Multiple Offers? - Posted by matt
Posted by matt on July 12, 2002 at 17:07:15:
Matt,
Thanks for the reply. I will keep your thoughts in mind.
Regards,
Matt