submitting offer - Posted by Steve Noonan
Posted by Steve Noonan on July 22, 2003 at 10:30:59:
I recieved a call from my agent regarding a property that had just come on the market at about $30,000 below market. I informed my agent to write the offer at asking price as I knew I could “flip it” for about 25,000 profit. Another party wrote an offer also at asking price. My question is does the seller have to take the first offer presented at asking price? The second offer indicated that they were willing to put up 10,000 in ernest money and I only offered 1,000. I was informed that the seller accepted the second offer based on the amount of ernest money. I was pre-approved for the mortgage and attached the approval letter to my offer. In as much as the ernest money is not payable until settlement why would anyone put that much in escrow? And is there anything I can do?