Negotiation buying a house

[DaveInPgh]

A quick update:

We made 3 offers on several homes this weekend with 24 hour response clause answer by tomorrow (Monday 6 pm).

So which are you going to buy if all three of them accept your offer?

Also, are you breaking the Good Faith covenant by submitting multiple offers?

Also, what contingencies are you using in the contract to withdrawal in the event you do get multiple offers accepted?

[tripods68]

So which are you going to buy if all three of them accept your offer?

Also, are you breaking the Good Faith covenant by submitting multiple offers?

Also, what contingencies are you using in the contract to withdrawal in the event you do get multiple offers accepted?

That's the concern we have too. We never been to this situation before.

Since you were once an agent, put yourself in our shoes, what would you do if you were our AGENT in the seller's market. You submitted our offer to multiple sellers, what would you action be accordance be, buyer's best interest, or the covenant of good faith? Do we have a legal obligation as a buyer to accept multiple offers?

[DaveInPgh]

That's the concern we have too. We never been to this situation before.

Since you were once an agent, put yourself in our shoes, what would you do if you were our AGENT in the seller's market. You submitted our offer to multiple sellers, what would you action be accordance be, buyer's best interest, or the covenant of good faith? Do we have a legal obligation as a buyer to accept multiple offers?

Fortunately and unfortunately I never was put in such a situation as a licensed agent. I live and work in one of the most stable real estate markets in the United States. The downside is we don't experience huge appreciation, and the upside is we didn't get hit hard when the real estate bubble burst. We have some neighborhoods that sell quickly, but most sellers are not getting bombarded with multiple offers in a short period of time.

As a licensed agent, I wouldn't have felt comfortable presenting multiple offers for a buyer that was not capable of closing on them if they were all accepted. If your agent is encouraging you to do so, I sure hope they are putting contingencies in the offer that will allow you to walk away if more than one is accepted.

Think about it. There is a chance a seller will reject an offer they would have otherwise accepted if they didn't accept yours. If they are your second (or third) choice and you back out of the deal, their other buyers might be lost by then.

Not judging you or suggesting you should do something different. It is definitely a tough decision for a family trying to buy a home in a hot neighborhood they wish to live in. Just saying I wouldn't feel comfortable being an agent in that type of environment.

[tripods68]

I'm EXCITED to report....seller accepted our OFFER and we got the house!

[LivingAlmostLarge]

Which seller and which offer? How did your realtor manage having 3 offers out? I'd be freaked out what would happen if all three accepted? Did you have a contingency clause in there to allow you to back out if other offers out were accepted? Yikes. But congratulations!

[tripods68]

Which seller and which offer? How did your realtor manage having 3 offers out? I'd be freaked out what would happen if all three accepted? Did you have a contingency clause in there to allow you to back out if other offers out were accepted? Yikes. But congratulations!

Thank you!


It was a crap shoot...My agent was confident she could pulled it off. It took only 5 hours before we got a response from the seller's agent. I guess it worked. The first home we like, the agent sat on our offer and was not prepared to response at all. My agent thinks they had a stronger offer from someone else.

The house that accepted our offer listed (2281 sqft 5 bd, 3 bath, a pool) @ 399K. Stainless steel appliances/granite kitchen.

Assuming everything goes well with home inspection and appraisal, we should close within 30 days.

[LivingAlmostLarge]

That's awesome! Congratulations. Did you withdraw from the other two offers?

[tripods68]

Update:

We finally found our new home. After an exhaustive search we finally find a brand new home. No New existing home for us rather we opt for a new brand new home. I mean everything is brand new. The only thing we need is put new concrete walk in side of our house. With the market the way it is, we just knew--buying brand new home is better for us at this point with low inventory on existing homes.

[snafu]

Congratulations. It's been a difficult journey. When is closing and possession? Sounds like an awesome home. Do you get to choose paint colors and small details or is it move-in ready?

[tripods68]

Congratulations. It's been a difficult journey. When is closing and possession? Sounds like an awesome home. Do you get to choose paint colors and small details or is it move-in ready?

Thank you snafu!

We purchased a model home built by DR Horton. We called it 'luck' that we found this home after deciding not to pursue the prior home #2 in our list (inspections found too many leaks & roof damaged). We end going with this house with all the built in upgrades kitchen, bathroom & flooring. It's basically our dream home for life.

[LivingAlmostLarge]

That is awesome. How long until the house is ready? Or is it a completed home? Funny how things work out. Did you spend the same amount?