|
First Accepted Offer vs. Second Accepted Offer
| Posted By |
Message |
bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
|
First Accepted Offer vs. Second Accepted Offer
If a seller has a first accepted offer and then someone else comes along and offers more than the first accepted offer, can the seller automatically go with the second buyer? Or, is a second offer like waiting in line? Meaning, the seller can go with the second buyer only if something with the first seller falls thru?
How exactly does it work?
|
Posted 11/22/06 9:24 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
|
Re: First Accepted Offer vs. Second Accepted Offer
I *think* that if you have an accepted offer, but someone comes in with a higher offer (before contracts of course) the sellers can reject the first offer and accept the second offer.
but remember, sales price isnt the only motivation for accepting an offer - pre approval/down payment / contingencies (if you have another house to sell, etc) all have an affect too.
We just received the contracts from our lawyer - so we havent signed them yet - if someone comes in and offers more the sellers can take theirs - but since we are so far into the process already, its probably unlikely.
|
| Posted 11/22/06 9:29 AM |
| |
|
Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
|
Re: First Accepted Offer vs. Second Accepted Offer
Posted by Meaghan729
but remember, sales price isnt the only motivation for accepting an offer - pre approval/down payment / contingencies (if you have another house to sell, etc) all have an affect too.
This is very true. When we sold DH and I agreed we were really looking for someone coming from a rental who could agree to a fast closing date.
We weren't even entertaining the idea of accepting an offer from someone who had a first property to sell, needed to transfer jobs, kids in school, etc. We had already bought another home and wanted to sell fast.
Our house was pretty much a diamond starter house so it was mostly young couples anyway.
|
| Posted 11/22/06 10:11 AM |
| |
|
LA723
LIF Infant
Member since 7/06 171 total posts
Name:
Leslie
|
Re: First Accepted Offer vs. Second Accepted Offer
We had a similar situation, we accepted the first offer, but there coop deal fell through. They asked to give them some time, another buyer came along, made an offer and their coop deal fell through also. I've had it.....this real estate stuff is for the birds...
|
| Posted 11/22/06 10:29 AM |
| |
|
Tine73
Member since 3/06 22093 total posts
Name:
*********
|
Re: First Accepted Offer vs. Second Accepted Offer
As long as contracts have noit been signed that can reject the first offer and take the higher one. Or they can start a bidding war which isnt that common in this market right now.
|
| Posted 11/22/06 11:22 AM |
| |
|
Potentially Related Topics:
Currently 375878 users on the LIFamilies.com Chat
|
