can you put in an offer once another offer is accepted? (for sale, real estate)

[moneymm22]

can you put in an offer once another offer is accepted on house?

or can you increase yours after highest and best was already given and another offer was accepted?

[BGlove]

Nothing is final until contracts are fully signed.

You have nothing to lose putting in an offer, whether the buyer will entertain it you wouldn’t know until you try.

[Elke Mariotti]

Originally Posted by moneymm22

can you put in an offer once another offer is accepted on house?

or can you increase yours after highest and best was already given and another offer was accepted?

You can put in an offer until the property is in full contract! Exception: the sellers state in writing that they do not want any additional offers.

Please note: Sometimes sellers feel they have to take the originally accepted (we call it "acceptable") offer even though it may not be the best (out of "fairness"), especially if an inspection has been done already.


Bottom line: all depends on the seller(s).


Trying never hurts...

[bobspez]

On our hunt for our first house the realtor told me the sellers of a house I was interested in had already accepted an offer. I asked the realtor to offer the sellers 2% above what they had already accepted. We got the house.

[manekeniko]

When selling my house I found out one of the bidders on my house had bids on 4 other houses. My agent and I looked at each other and laughed. "Maybe he needs 5 houses" I said.

What would happen if all 5 sellers accepted his offers?

[gx89]

Originally Posted by Elke Mariotti

You can put in an offer until the property is in full contract! Exception: the sellers state in writing that they do not want any additional offers.

Please note: Sometimes sellers feel they have to take the originally accepted (we call it "acceptable") offer even though it may not be the best (out of "fairness"), especially if an inspection has been done already.


Bottom line: all depends on the seller(s).


Trying never hurts...

Happened to us, we accepted the offer they had the inspection. A significantly better all cash offer came in and we bailed on them. We did pay them back for the inspection.

[VA Yankee]

Originally Posted by gx89

Happened to us, we accepted the offer they had the inspection. A significantly better all cash offer came in and we bailed on them. We did pay them back for the inspection.

This is the type of stuff that makes a real estate transaction in NY one of the seven rings of hell at least you were decent enough to compensate the other buyer for their inspection it's more than most would do. Down here once you accept the offer the contract is signed and binding, there will usually be an inspection contingency and a mortgage/appraisal contingencies but those are normal steps.

[987ABC]

I disagree with most of what has been said on this thread. You can "put in" an offer at any time. It doesn't matter if its before or after someone else signs a contract. An offer is just that, an offer. The seller can always say "sorry, I am in contact with someone else and legally obligated to close the sale with them". But sometimes a sale blows up after contract - most commonly when the buyer can't get a mortgage and there is a mortgage contingency. At that point, the seller will move on to someone else, and you will not be that someone else if you didn't "put in" your offer because someone told you you couldn't do so after contract. Also, sometimes a buyer has a reason why they want to back out but can't because they are in contract and to do so would mean they forfeit a down payment. If a new offer comes in, the seller may want to move on to the new offer quickly, and not everyone will want to take someone's down payment if they have an honest reason why they want to back out, and they can quickly pivot to another buyer.

The bottom line is if you want a house that is being marketed for sale, than just make your offer.

[moneymm22]

Originally Posted by 987ABC

I disagree with most of what has been said on this thread. You can "put in" an offer at any time. It doesn't matter if its before or after someone else signs a contract. An offer is just that, an offer. The seller can always say "sorry, I am in contact with someone else and legally obligated to close the sale with them". But sometimes a sale blows up after contract - most commonly when the buyer can't get a mortgage and there is a mortgage contingency. At that point, the seller will move on to someone else, and you will not be that someone else if you didn't "put in" your offer because someone told you you couldn't do so after contract. Also, sometimes a buyer has a reason why they want to back out but can't because they are in contract and to do so would mean they forfeit a down payment. If a new offer comes in, the seller may want to move on to the new offer quickly, and not everyone will want to take someone's down payment if they have an honest reason why they want to back out, and they can quickly pivot to another buyer.

The bottom line is if you want a house that is being marketed for sale, than just make your offer.

i had my offer in, was told that the another offer was accepted. I now want to make a higher offer but the agent told me we already accepted an offer and everyone was already told to put in their highest and best offer.

They are not in contract yet.

[Elke Mariotti]

Originally Posted by moneymm22

i had my offer in, was told that the another offer was accepted. I now want to make a higher offer but the agent told me we already accepted an offer and everyone was already told to put in their highest and best offer.

They are not in contract yet.

Are you dealing with the listing agent or do you have your own agent?