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We just got 3 offers on our home and I am wondering how soon we can go to contract on the one offer. This has all happened so quick and the third offer just came in. They have already sold their home and are ready to close asap. I'm a little concerned because after reading other posts I have seen that people have backed out for one reason or another. One partner loved the house since day one and has been back many times, as well as looking at multiple homes for many months. The other partner had reservations since they could financially afford more and wanted all the bells and whistles. I don't want to lose out on the other offers we got in case they back out. I know they want to get the inspector in this week and hope that all goes well.
You should go to contracts between 1-2 weeks, after the inspection.
If you really checked out their financing situation, and the bindered amount is very close to comps you should be ok.
Also, if your house is in decent shape, and you're not hiding anything that could come out in the inspection, you'll be ok. Also, if they nit pick from the inspection, your agent should really go to bat for you of what you will fix and what you will not. The "nots" are what will give the buyer the right to walk away free and clear.
Your agent and the agent of the buyer should have made "back up offers." In this way you would have someone next in line if the current offer fell through. Most people don't know this. They think that if something has an offer on it (and is listed on the MLS as CTS [continue to show]), that it is off the market. This is not so. Your agent should have arranged this scenario for you, and if not, I would have a serious talk with him/her.
Old Biddie, the other offerers *could* do a back up, and maybe they were offered to, but in this climate, where there is so much choice, if I represented the buyers... I wouldn't recommend it. why bind them up with a property that they probably won't get? If they have a back up on that property that can't put an offer in on another property.
I would have said, Ms. listing agent, call me if you have a problem, and if we haven't purchased yet, we may consider it.
No reason to have a serious talk with the listing agent.... she didn't do anything wrong.
Shelly
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