Real Estate Agent · Bay City, MI · Member since 2018 · 35 posts · 13 votes
Hello all,
After a number of months scouring local MLS listings and FSBOs, running numbers, and walking through a considerable number of properties, I finally found it. My first property. While considering what amount to offer over dinner, I received a call from my awesome real estate agent that another offer was accepted at 1pm earlier that day. Apparently this property had a cash offer open for a few weeks and the buyer had set an ultimatum to get a response. Cue, my heart breaking.
Should I consider this property gone? Is it possible that a contingency won't be met?
@Amber K. make your offer anyway as a secondary one then get back to scouting for another deal. If the deal is lost nothing you can do about it, But if it falls thru guess what? the seller will remember your offer. Good luck
@Amber K. make your offer anyway as a secondary one then get back to scouting for another deal. If the deal is lost nothing you can do about it, But if it falls thru guess what? the seller will remember your offer. Good luck
@Amber K. You should keep a back up offer in, just don't count on the first offer falling through. But, there is ALWAYS a chance the first offer could fall through. And I would definitely disagree with the first reply. It's always wise to ask!
@Brendan M. Thank you for your help. I appreciate the reminder that questions are okay. I'm new, so that did make me wonder if I should hold back on my questions. Which is not something I usually do. :)
I did end up putting in a secondary offer, however I've heard nothing and I think the inspection has already taken place. So my realtor has recommended that I move on to another property.
It's clear that this area is becoming a seller's market, so I'm going to have to be careful on my numbers.
Thanks again.
@Amber K. Definitely. There are NO bad questions, and this IS the place you should feel free to ask them. As far as your deal, You can keep your secondary offer in while you look for other opportunities. If an offer will ever fall out of contract, it will most likely be during the due diligence (inspection) period. If it's been inspected already, the buyer still has to get the inspection report back, possibly ask for concessions, and either continue with the purchase, or fall out of contract. Hang in there, (if the numbers work) and see what happens. And remember, Always be careful (honest) when it comes to your numbers! Hope this helps
@Brendan M. I have my offer in and I'm continuing to search through other options. I appreciate your advice thus far. If there's ever anything I can help you with, please do not hesitate to ask. Thank you.