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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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Is this normal when making an offer on a house?
We made an offer on a house the day after they accepted an offer. Agent calls me back to let me know they already made a verbal agreement to accept the first offer but we can be there back up offer. When the agent told me this info, they already had an inspection & contract is underway BUT she said she would accept my per-approval letter for my mortgage anyway just in case and we can be the back ups. Is this a typical thing to ask for if it seems that the house will most likely not be yours?
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Posted 8/19/14 2:24 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
aim
LIF Adult
Member since 4/11 1321 total posts
Name:
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Re: Is this normal when making an offer on a house?
This was the process when I almost put an offer on a short sale. Same steps and I was going to be the backup offer.
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| Posted 8/19/14 3:56 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Is this normal when making an offer on a house?
They're just trying to keep you warm in case the first buyer falls through. If they do fall through, it will speed the process up for you.
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| Posted 8/19/14 4:12 PM |
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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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Re: Is this normal when making an offer on a house?
ahh, gotcha! thank!
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| Posted 8/19/14 4:43 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Is this normal when making an offer on a house?
Until those contracts are signed, they can take any offer that comes in, technically. That's why there's such a push to get the inspection done and sign contracts as quickly as possible.
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| Posted 8/20/14 9:06 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Is this normal when making an offer on a house?
I am not a fan of submitting backup offers. If an existing offer falls through, I may not want to offer what I would have offered as part of a backup offer. I may offer less so I don't want to be tied with that.
If I was interested in a house that had a verbal offer I'd simply tell the realtor "Call me if the offer falls through and we'll talk".
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| Posted 8/20/14 9:15 AM |
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ISpoilHim
I think I got this
Member since 11/10 1523 total posts
Name:
K
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Is this normal when making an offer on a house?
The house that I bought had an accepted offer when we put in our offer. They had not signed contracts yet. We placed our offer and went back and forth for 2 days with the seller. Eventually we came to an agreement and we bought the house.
It was my understanding that we were stronger buyers because we had over 25% cash down payment. Sellers were in a rush to get out due to a relocation.
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| Posted 8/20/14 10:41 AM |
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Re: Is this normal when making an offer on a house?
I would always advise a buyer client to submit a backup offer. I have sold multiple homes to buyers who did not have the first accepted offer. Many times if the first offer falls through, the seller and listing agent will go to the best back up. So it can only benefit you to present your offer in the strongest light, including proof of your financial qualifications. If you don't, you may not be perceived as a serious buyer.
There's really no downside - as others have said, no one is bound until contracts have signed. So if you decide you want to revise your offer later, you won't be held to the first offer. You can revise your offer, or walk away entirely. But if you don't make a full offer with all info upfront, you may not get the opportunity if the first deal falls through. Btw, deals often fall through for reasons not related to the house or inspection.
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| Posted 8/20/14 11:08 AM |
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Kitten1929
LIF Adult
Member since 1/13 6040 total posts
Name:
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Re: Is this normal when making an offer on a house?
Posted by ave1024
I am not a fan of submitting backup offers. If an existing offer falls through, I may not want to offer what I would have offered as part of a backup offer. I may offer less so I don't want to be tied with that.
If I was interested in a house that had a verbal offer I'd simply tell the realtor "Call me if the offer falls through and we'll talk".
That's what we did - a cash offer came in the same day we made our offer, and since it was flip, I knew they'd take the cash offer first. We told them to call us if it fell through.
They called a week later and we signed contracts a few days later for $10k less than our first offer.
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| Posted 8/21/14 4:36 PM |
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