I'm holding back trying to celebrate anything (until I handle over keys and get a check at closing), but we've passed all the hurdles, home inspection (still need a Heat/AC cleaning and service), lawyer's review, appraisal and buyer's loan approval. Market has been lousy in Chicago. The closing is all set for the 24th, only one week to go! Then my RE agent tells me someone still want to see the house right now!?! This is after seeing the SOLD sign and the website has PENDING SALE for over two weeks now. Why would someone want to look now?
"SOLD" sign posted 3/14
- Thread starter Dimsumkid
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Dimsumkid
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I'm thinking anything can happen...if they want to make an all cash, 100k over price offer, then I would have to listen, right? If I didn't complete the Heat/AC inspection, it would kill the deal. Really wishful thinking on my part!
Westernskies
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Back-up offer in case the first one falls thru? Nothing to lose, everything to gain.. might even keep the first position offer from getting squirrelley at the last minute...
Show it.
Show it.
Bestwifeever
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Wow, congratulations, DSK!!! So happy for the "sold" sign and looking forward to hearing champagne corks popping next week when you close.
Eh, let the late looker take a peek--maybe the realtor is trying to get them to pull the trigger on another place and is using yours as the example of what gets away when they hesitate. No harm to you.
Eh, let the late looker take a peek--maybe the realtor is trying to get them to pull the trigger on another place and is using yours as the example of what gets away when they hesitate. No harm to you.
Westernskies
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Or, they're sitting at your kitchen table, writing the world's best back up offer... You never know.
Dimsumkid
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Thanks, I'm trying to stay on level ground until I have check in hand. This is coming directly through my agent, so it's definitely someone wanting to consider purchasing, not comparison shopping, my agent will consider anything until it's sold.
Dimsumkid
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aaronc879
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No, you don't. You already accepted an offer in writing.
Westernskies
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aaronc879,
It is common to accept backup offers on properties for sale; sales fall out of escrow all the time for a variety of reasons:
1. Financing
2, Inspections
3. Cold feet
4. Unmet contingencies
5. Unfulfilled promises
6. Liens
7. Title Issues.
4. etc...
Having a back-up offer in place (higher or lower- "don't ask, don't tell" ) helps ensure that the sale goes thru per the original contract, and if it doesn't you haven't lost the market exposure while the first offer screwed around and tried to re-neg, re-negotiate, or re-fuse to close on time.
I've been involved in a number of sales with a backup offer, in both primary and secondary position. As long as everyone understands who is in first and who is in second position, it works fine. And, it's good business, IMO.
aaronc879
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You can get a back-up offer. As long as it's not in writing or it's specified that the offer is only valid if the other offer falls thru. If I made an offer and it was accepted in writing then the house was sold to someone else then there would be a lawsuit and i'd win. An official offer is a contract. You can't change your mind. Make sure you know what your signing and plan to follow thru with it. That goes for both sides.
Westernskies
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Back up offers ARE in writing, otherwise they're not an actual offer.
The seller can't formally accept the written backup offer until the first sale has fallen through, i.e. the buyer defaults or exercises an out, (usually because they found something they didn't like during the inspection period.) Assuming the first-position buyer liked the house well enough to present the winning offer in the first place, making them aware that someone else is standing by ready to step in and take over keeps them focused on closing on time, not looking for ways to renegotiate their offer and or get the seller to perform additional work because they think they have the property locked up.
When we bought our bank owned property, there were (3) backup offers in place, for considerably more $$- one as much as $39K more (full price) . Guess what? We closed on time.
FinanceDude
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It depends on if there were any contingencies written into the contract that was accepted. It happens all the time in RE. When I bought my house, we offered a lower price, but had no contingencies. The other buyer was given 24 hours to drop their contingencies or their offer was invalid. They could not and we got the house. The owner was desperate to sell and close FAST because he was in a job transfer situation.........
Moemg
Gone but not forgotten
When I bought my present house the sellers got an offer for $50,000 more after they had signed with me . They proceeded to put road blocks in the way to hamper the sale .I had to get my lawyer to strong arm them and the sale proceeded . Two weeks later the husband came back and wanted to go through the house to look for a few things they had left . I slammed the door in his face . I think he got the message .
Westernskies
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I'm confused. How can an offer accepted with contingencies be invalidated because the buyer refused to drop the contingencies? Unless this was specifically written into the contract, or the contingent offer had not yet had been signed by both parties??
Westernskies
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Good job!
(and congrats for not leaving any money on the table; sounds like you got a great deal!)Moemg
Gone but not forgotten
Dimsumkid
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Thanks Moemg!
I got the update about this late "buyer". Turns out as my agent was showing the house, this woman mentioned she was really a seller from the area and her house has fallen thru 2 times now due to financing and appraisal issues. She was trying to pump my agent for sales price information to compare, all she could tell her was that my house appraised for the sale price.
I got the update about this late "buyer". Turns out as my agent was showing the house, this woman mentioned she was really a seller from the area and her house has fallen thru 2 times now due to financing and appraisal issues. She was trying to pump my agent for sales price information to compare, all she could tell her was that my house appraised for the sale price.
Dimsumkid
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My last thing to do before closing was getting a heating company to do a "clean and inspect" on both furnaces. Everything checked out fine last Thursaday on both even though they're old. My son wanted a play date with his friends yesterday, so I turned up the temp and after 2 degrees increase, the heat shut down. I had to keep resetting a safety switch to get the heat to work. Talked the the emergency tech and he thought it might be a faulty safety switch. So I decided to get a new one, for $20, why risk my closing on Thursday. After installing it, it still kept triggering the safety switch, but since this one is an automatic reset, it'd start up when it gets cooled down below the temp setting. After more investigating, turns out the tech that worked on my unit didn't reinstall a heat deflector completely back on the screw and left a 1/8" gap that was causing the safety to trigger! Not sure why, but it seems almost all heat/AC people I know are a bit flkay. I'm hoping this is all, I hate having last minute issues like this right before trying to close on a house!
tryan
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I can think of one sale where a back-up offer would have been good ... the kid kept asking for 30 day extensions while he went on vacations ... then his aunt died ... then his rate was too high .... Meanwhile I am triing to do a 1031 exchange. And my seller is anxious.
Also games buyers play with the final walk thru. It's seen as an opportunity to haggle since the seller is more motivated at this point. "Oh, I never thought you taking the selves ... look at the marks in the walls ... it'll cost a grand to re-do this room!"
A back-up offer stops the BS.
Also games buyers play with the final walk thru. It's seen as an opportunity to haggle since the seller is more motivated at this point. "Oh, I never thought you taking the selves ... look at the marks in the walls ... it'll cost a grand to re-do this room!"
A back-up offer stops the BS.
Katsmeow
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Good luck. We have our final walkthrough Sunday evening and close Monday morning
Dimsumkid
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Closing went fine, got a check and deposited in the bank....now what to do with it, pay down our existing mortgage or invest it?!? Sure is an odd feeling, was my very 1st house, owned it for 22+ years. Even my 11 yr old son was feeling nostalgic anf wanted to see it one last time before the close. But removing the stress of dealing with the maintenance of extra homes over the last 3 years sure helps a lot. We're down to just the one we live in now.
