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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Questions
Hi there. I never post but I am in the process of trying to buy a house and I was wondering if anyone had any information on the following:
We put an offer in on a house a few days ago and it was accepted by the buyer. We were told that they could and probably would continue to show the house until we have a signed contract. We anticipate having a signed contract by the middle of next week.
Yesterday we found out that they plan to hold an open house at this house on Sunday. I am very upset and afraid that someone else will put in an offer higher than ours or that perhaps they are just using our offer as leverage to obtain a higher one. The realtor said that since our offer was accepted any offers now will just be "back-up" offers in case we fall thru, however, the realtor is obligated to present all offers to the buyer, and if we are not yet in contract, why wouldn't they take a higher offer?
I am just so scared to lose the house. We are moving as quickly as possible to get a signed contract, so there is not much I can do at this point. Is this all the normal procedure? Has anyone else been in this situation? Will we be protected from this type of thing once we sign the contract? I dont think i can spend the next few months feeling like this! Any information would be helpful. Thank you in advance.
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Posted 1/26/06 4:19 PM  |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Questions
In a way you really don't have any protection at all.
You want to move as quickly to get that signed contract as you can. That you already seem to know. If someone else offers more... there is not much you can do at that point.
Even if you have a signed contract... it says more... but a seller could still back out of that as well if they get a higher offer.
Its a real pain in the butt process.
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| Posted 1/26/06 4:25 PM |
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schnapy
LIF Adolescent
Member since 9/05 766 total posts
Name:
Diana
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Re: Questions
Did you have an engineer inspection? ALso, knowing real estate agents and sellers it sounds like they will accept a higher offer if it comes in.
Dont fall for their ****. The contract must be signed by both parties in order for it to be complete.
Not one signature only.
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| Posted 1/26/06 4:27 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
We have an engineer is coming in this weekend to do the inspection. The seller is overseas (living there now) and the realtor hardly marketed the house at all up to this point. It seems like no one cared much about it until we put our offer in.....
DJPill - does this mean that i do have to worry until we go to closing? Do you think they will continue to show the house even while we are "in contract"?
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| Posted 1/26/06 4:31 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Questions
Posted by lululu
We have an engineer is coming in this weekend to do the inspection. The seller is overseas (living there now) and the realtor hardly marketed the house at all up to this point. It seems like no one cared much about it until we put our offer in.....
DJPill - does this mean that i do have to worry until we go to closing? Do you think they will continue to show the house even while we are "in contract"?
If a real estate agent agreed for you to bring an engineer in... that means they are pretty serious about your offer and will most likely consider it accepted.
But there is the occasional dirtbag re agent that will not give a crap and sell to the highest bidder even after an offer is accepted.
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| Posted 1/26/06 4:39 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
Is it shady that they are hosting an open house even after accepting our offer? We are having the engineer come in on Saturday, the open house is on sunday. The listing broker told our agent that if they get a much higher offer and it is accepted over ours they will reimburse us for the engineer. I find this whole thing so shady. They also said that this open house was previously advertised but the house is not on MLS and this particular agent has a lot of homes and open houses listed on MLS, so it's not like they don't use it!
Basically I need reassurance that everything will probably be okay!
thank you for your help! I really really appreciate it!
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| Posted 1/26/06 4:46 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Questions
Once both parties sign the contract isn't it binding? How can the seller get out of the contract once she/he signs it? I'd think the buyer could take some type of legal recourse.
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| Posted 1/26/06 4:51 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Questions
Posted by MrsS2005
Once both parties sign the contract isn't it binding? How can the seller get out of the contract once she/he signs it? I'd think the buyer could take some type of legal recourse.
And sue for what? Mental pain and suffering from losing the house of their dreams?
The most the buyer can sue for is any money lost from doing this (like a paid inspection or a title search)... thats about it.
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| Posted 1/26/06 4:58 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
That's what i thought too, but what really what recourse do we have?
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| Posted 1/26/06 4:59 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
LOL - seriously, I will suffer a lot of emotional distress if we lose it because it is the house of my dreams! I feel like that SHOULD be worth something!!!
The selling broker already said if they accept another offer they will reimburse us for the inspection. I just don't want anyone else bidding on my dream house. Please pray for SNOW this sunday.
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| Posted 1/26/06 5:02 PM |
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sasha96
lovin' my 2 little ladies!
Member since 5/05 7401 total posts
Name:
Julianne
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Re: Questions
Unfortunately, there is the potential that they could go with another offer before you get the signed contract. We lost our current house, after being told our offer was accepted 2x before we got the contracts. There was also a shady RE agent at a very popular real estate agency in our area selling it too. We were able to raise our offer each time to get the house back, luckily.
Do you have it in writing that they will reimburse you for the inspection if you lose the house? I'd make sure you have that written. Talk to your lawyer about it. Maybe the open house won't have much traffic and even if it does that doesn't mean there will be another, higher offer....good luck!
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| Posted 1/26/06 5:09 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
Unfortunately we aren't willing (or able) to offer any more money on this house. It was already a little above what we were looking to spend. I already made it clear that we will walk if they tell us there is a higher offer (also because I think they are shady I wouldnt put it past them to just tell us there are other offers when in reality there are not).
I am not sure if the open house will get too much traffic or not. I know that there is another house right around the block (same agency) priced significantly higher that is also holding an open house.
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| Posted 1/26/06 5:17 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Questions
GOOD LUCK
I think that completely and utterly s*cks. And although i wouldn't want to cut my nose off...I would be less interested in the house
Message edited 1/26/2006 7:14:45 PM.
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| Posted 1/26/06 6:13 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Questions
If the seller says there is another offer, you can ask your attorney to ask the seller's attorney to give you a copy of the other offer. If there is something in the other offer that is not in your offer (i.e. if they want the washer dryer included and it was not in your offer, then you might want it too) only after the k is signed for the price, you might want to include it.
I can completely sympathize with your dilemma, when we were purchasing our home we had agreed on a price 10,000 less than the asking price. Then the seller delayed the signing everything in attorney review (because they had gotten another offer) so when we were told that there was another offer, we assumed (correctly) that the other offer was for the asking price. We had to up our offer and went about 800 above the other offer. The other offer also asked for the washer/dryer and the shead (neither of which were in our offer). The seller stuck with us, but we had to pay 10,000 more than what we wanted to pay. In the scheme of things 10,000 is not a lot of money, but it hurt a lot. In the end though, we are happy with our house.
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| Posted 1/26/06 6:45 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
To be honest - this has left a bad taste in my mouth about the house. I think it's terrible the way this works. I am about to sell my house as well, and after having gone thru this, I think that once I accept an offer, that's it. I am not going to let the realtor continue to show the house. I would hate to do to someone else what is being done to us right now.
As for the house we are buying, the seller is in Europe so now I am nervous that that is going to delay this process even further. I love this house and I really want this to work out but I guess whatever is meant to be will be, and if we don't get this one, hopefully something better will come along!
I really appreciate everyones words and advice, it's nice to know that we aren't the only people that this has happened to.
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| Posted 1/27/06 9:04 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Questions
You should have a friend go to the Open House and point out (so others can hear) all the little flaws the house has.....
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| Posted 1/27/06 9:16 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
LOL - I am actually going to go to the open house towards the end to see how many poeple signed in. My fiance is strongly advising me against this because he thinks that only bad things can come of it. However, the listing agent has no idea who i am or what i look like! i almost want to chat her up to see if they are going to tell people there is an outstanding offer on the house. Is this a bad bad idea?
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| Posted 1/27/06 9:21 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Questions
Posted by lululu
LOL - I am actually going to go to the open house towards the end to see how many poeple signed in. My fiance is strongly advising me against this because he thinks that only bad things can come of it. However, the listing agent has no idea who i am or what i look like! i almost want to chat her up to see if they are going to tell people there is an outstanding offer on the house. Is this a bad bad idea?
OMG.....if the listing agent doesn't know who you are...HELL YES i would do it...
AND ASK if they got any interest today!
This is your house girl! Better to be informed !
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| Posted 1/27/06 10:29 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
I was thinking about asking if they got any interest, but then my fear is that they will think that the fake me is interested and try to delay the signing of the contract with the real me! I guess I can figure out a way to make it clear that the fake me is not interested in it at all.
I do feel like this house is mine. I am mad that they are letting a bunch of strangers walk around MY house!!!!
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| Posted 1/27/06 10:36 AM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Questions
Posted by lululu
I was thinking about asking if they got any interest, but then my fear is that they will think that the fake me is interested and try to delay the signing of the contract with the real me! I guess I can figure out a way to make it clear that the fake me is not interested in it at all.
I do feel like this house is mine. I am mad that they are letting a bunch of strangers walk around MY house!!!!
Good point actually...
BEST OF LUCK!!!!!
And when you go to closing....NO GIFT FOR THEM! 
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| Posted 1/27/06 10:44 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Questions
Posted by lululu
I was thinking about asking if they got any interest
I wouldn't say this cause it will make you look like you are desperate.
Instead you can say that you have been going to other open houses and may put some bids in.
Puts the pressure on them.
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| Posted 1/27/06 10:47 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
The sellers agent doesnt know who i am though. I was planning on signing in under a made-up name....
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| Posted 1/27/06 11:08 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Questions
If a real estate agent agreed for you to bring an engineer in... that means they are pretty serious about your offer and will most likely consider it accepted.
A RE agent is reguired by law to present all deals to the seller-why would they not present a higher offer, better terms, etc.?(besides for it being unethical and illegal) Think if you were a seller-unfortunately this is the way RE works
FYI many people will accept an offer that has better terms such as higher down payment, cash deal, etc so it may not be just a higer offer thing
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| Posted 1/27/06 2:23 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Questions
I agree - i know the realtor has to present all offers and i think that the seller will still continue to evaluate them all and take whatever is best. It just really stinks that i am putting in a lot of time, energy and money when this deal may not even happen.
Message edited 1/27/2006 3:35:15 PM.
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| Posted 1/27/06 3:34 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Questions
Posted by melijane
If a real estate agent agreed for you to bring an engineer in... that means they are pretty serious about your offer and will most likely consider it accepted.
A RE agent is reguired by law to present all deals to the seller-why would they not present a higher offer, better terms, etc.?(besides for it being unethical and illegal) Think if you were a seller-unfortunately this is the way RE works
FYI many people will accept an offer that has better terms such as higher down payment, cash deal, etc so it may not be just a higer offer thing
BUT they accepted an offer already...
they are in the process of going to contract...
And after accepting a bid they are having an open house...IMO that is unethical
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| Posted 1/27/06 3:42 PM |
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