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Hello all! I made an offer on a house and was told to submit my best and final offer by a deadline, there were 3 other offers involved. After that deadline can other offers be submitted from other sellers excluding the 4 offers already involved. For example, while us 4 are waiting for an answer, can another seller come into the senerio and make an offer?
thanks
It all depends on the agent and the asset manager who works on behalf of the bank. Within the window, the asset manager may continue to entertain more offers. All offers have an expiration time/date to ensure timeliness of the process. Hope this helps.
wow! That probably makes my chances even lower, there are probably other offers beings submitted. I don't know how VA buyers purchase a house since our loan is the least desirable.
They offer more to cover the additional cost to the seller. I remember back in the peak market, it was totally normal in our market to see listings that said "Add $500 for a VA offer", or even $750 or $1000.
As for your original question, as nfd said, the bank can look at all offers that come in until the end of the time limit they have given. At that point, they should respond. But they do not have to choose one of the original 4 offers. If they get 3 more offers during that time, they can choose any of the 7. They can also reject all 7 of them, if none meet the price and terms they asked for in the listing
Also, you asked whether people can continue to submit offers after the deadline. The answer is yes. They can submit offers right up until the date of closing. But if an offer is already fully signed and accepted, with no contingencies, any new offers that come in can only be looked at as backups, in case the first offer doesn't close for some reason.
YOU ARE RIGHT!! Just found out that during the waiting period 2 more offers came up!! My realtor said there were 6 offers one dropped out, 2 were too low and my offer and 2 others are good offers. Gosh this waiting is a drag!! I think i"m going to crochet a blanket to help me calm down. I really wanted this house!!
I do a comparable search on the property and come up with a good offer. found through experience the house is priced to reflect the market value for example I wrote an offer that was way too low and got rejected. After factoring the repairs and adding them to the list price the house was priced comparably. I advise my buyer to pay over the listing price last offer we wrote was $100 over the listing price. That way we avoid the multiple offer situation and get the house. The four foreclosures I sold all appraised for 10-20 of the sales price.
wow! That probably makes my chances even lower, there are probably other offers beings submitted. I don't know how VA buyers purchase a house since our loan is the least desirable.
If you think it's hurting your chances why not try to get a different type of loan?
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Multiple offers
