When more than one person makes an offer (property, inspector, contracts)
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Thanks to everyone for the replies.
It feels good to know that we will have a couple of offers this coming week. I am jumping the gun because we haven't gotten the offers yet. We were told that we are going to though so hopefully, we will. We'll see what happens.
I appreciate your answers and will keep this in mind now.
You're within your rights to check out their credit, and get information on which loan program they are pre-qualified for as well. Your agent should take this information and call the loan officer they have a relationship with and confirm there are no current issues with the product/lender they have chosen. The mortgage market is still quite daffy, so it's worth finding out if they are trying to do a loan that may not even be out there anymore... stated income is the biggest concern in this day and age... if they can prove their income, then no worries.
(this of course assumes there are two solid offers... These days I think they buyers definitely have the upper hand)
The first offer just came in. Our agent called and said the guy is offering 87,000 cash and needs us to be out by the end of the month.
We are asking 107,000 for it and expected the offer to go lower but not THAT low. He's an investor and wants to turn this place into rental property. (I'm sure our neighbors will love us for that one)
Speaking of neighbors, we are waiting for an offer from the folks next door so our agent is going to call them today and give em a little push.
Even though we don't really socialize all that much, the families on this road have been here for generations and I would hate for someone to buy it, rent it out and the rentors trash the place.
(I'm not fond of renters;my parents used to rent out properties.)
As far as the investor goes, we're coming back and saying that 95 will be the best we can do, we won't be able to make it out by the end of the month but we can be out around the middle of September.
Letters of Intent are generally not used in the west.
Perfectly possible to do via a counter offer. In fact you can make multiple counter offers. These require a further signature by the seller to be complete. So you counter all and then sign the one that appeals most.
Cash is great. What is it worth versus a solid non-cash offer? Anything? 1/2 per cent? What discount would you folks suggest for cash? I would value it very low.
Is the counter offer signed by the seller? If it is, and both buyers sign it, you're in trouble. If it's not, it really isn't a bona fide offer.
What ever kind of an offer you get, meaning you may get 2 at a time or just one, if you get the price you want, make sure that the price is close to what the appraisal will be (you should have a CMA) and that the buyer is of good financial means. If the appraisal comes in lower than the binder agreement, the buyer's bank will not finance, and you will have a lost deal and time lost on your listing. The last thing you want is to take your house off the market for an amount of time, only to put it back on with time lost and the vultures knocking at your door. If you had 2 offers, one higher and one lower, and the one with the lower offer had better financial means, then take the lower offer. You have the right to find out all about their financial plans up front.
Caution:
I've found if my sellers get more than one offer, or get one "too soon" they tend to get "important" and manage to blow the deal(s).
Tread lightly if you do get them, treat both as serious intents and work with them as if they are the only ones you'll ever see.
They could be the only two you get all year!
Good luck!
We've had 3 offers so far in 2 months.
One was not serious and went really low.
One we counteroffered this past weekend and they came back and were being demanding on some things and wanting a lot of our personal stuff since it's still in the house. We disagreed. They were being pretty anal so my agent called me up Sunday and told me she had somebody else to show the property to. They came out, looked and made a great offer yesterday. Our house is under contract now and hopefully this will all go through.
Thanks everyone for your help.
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