House Hunting WWYD

My DH and I have started our search for a house. Our neighbors/friends have also been searching for a while. We both have placed an offer on the same house. We physically saw the house first with a realtor. They waited until the open house. We both said after how much we both liked the house and realized the potential that the house had. We were still undecided as we wanted to see one more house. Our neighbors said they would tell us if they were putting an offer in as they did not know either what they were doing.


We saw the other house and decided to put an offer on the first house. We found out that they also put in a offer before us. We happen to be the higher offer. We still want the house and we are willing to go higher. Would you back out knowing that they put in an offer too? We already own a house and would look to rent the other house for a few years then we would renovate and move in.

Re: House Hunting WWYD

If you want the house, get it. It's hard finding something you like. Have your agent beat the highest offer by 2-3k but they must make a decision in the next 24 hours. I wouldn't even put a cap. If the agent comes back with a high amount, you can always walk away. But you and dh should sit down and discuss how high you're willing to go


Keep in mind, just because your offer was higher than your friends offer, doesn't mean someone else didn't put an even higher offer.

And a piece of advice... Don't discuss your moves with anyone, ever. This is where things get weird.

Message edited 6/1/2017 12:11:19 PM.

House Hunting WWYD

House hunting sucks and I couldn't imagine doing it with friends.

If you want the house I would leave your offer and see what happens. At this point I would not discuss anything further with your friends regarding a house. A higher offer doesn't mean much, it's how you look in paper that's important. How much you are putting down? How much debt you have? These are some factors the sellers will take into account when deciding who to go with.

Re: House Hunting WWYD

I would not back out on a house because someone else you know/are friends with put an offer in on it.

But I agree - to avoid awkwardness, don't discuss specifics with your friends. I mean, it would be bad if they confided they bid x on a house and you decide to then offer x + 1 (using what they tell you to gain an advantage). Keep the strategy talk between you and your realtor.

I also agree that, in most areas of LI, there's enough competition that it's not like it's necessarily coming down to you and your friends. On my good listings in areas like Bellmore and Merrick, I've been sometimes getting 10-12 offers the first few days on the market.

If it's a house with "potential," I assume it's in a price point that will attract a lot of interest, from cash buyers and investors (which is really what you are, if you are planning to buy it as a rental property), as well as first time buyers and others with a more modest budget trying to break into the market. So competition will be fierce.

I also think your neighbors are at a disadvantage waiting for open houses versus seeing listings asap with their own buyers' agent. This market requires a very proactive approach.

House Hunting WWYD

I definitely wouldn't walk away. There are so many variables when buying a house so it would be silly to make assumptions about how anything will go anyway. Either of your bids could be accepted or denied for various reasons or one of you could be accepted only for it to not work out down the road. Do what is best for yourself and let them worry about themselves.

Re: House Hunting WWYD

When we were house hunting for our current house, so were our friends. We made a "pact" to never even discuss what houses we were looking at so it could never get awkward. They wound up in a different town, but nearly the same house as ours, funny enough.

Re: House Hunting WWYD

I'd do what's good for you. Why should you be the one to back out to avoid the awkwardness? They could just as easily back out too if they find the awkwardness is too much for them. It's a tough situation to be in, I'll give you that.... but I think this is just about doing what's best for yourself and nothing personal. Don't feel obligated to be the "nice guy". Remember- then can back out too if they want to.

When they put in the offer without telling you, they were doing what was good for THEM. (As they should- but so should you)