I recently went into escrow on a property, and decided to cancel it after a few days. I thought I could find a better cashflow property around town.
Now, a few days later, I regret my decision. Looking back at the numbers, I made some adjustments based on better estimates, and they look great.
- Do I even have a chance to put another offer in? I canceled the previous escrow
- If I have a chance, how can I make my offer stronger without a compromise on price?
Maybe a shorter inspection contingency?
Maybe an "as is" offer?
A letter explaining why I regret my decision?
any help would be greatly appreciated. I regret having cancelled.
Is anyone able to weigh in on this?
@Luke Mike , are you represented by an agent other than the listing agent?
You won't know until you try. I'd write the offer up again, and resubmit. If it isn't under contract, they may accept, they may reject outright, or they may renegotiate the contract.
Since you have already canceled one contract, they may be leery of your canceling again. Did you perform an inspection the last time? Is there anything you can waive to make it a stronger offer? I don't recommend waiving inspections if you're a newer investor.
Are you a cash offer?
@Mindy Jensen , thanks for helping. I have a different agent than the listing's. And I would require financing.
I do have an inspection report, but I'd still like to have a plumber & pest control agent check the property.
so maybe I can make the inspection contingency shorter?
That would be a good idea. You can also say that you will only cancel this contract if X is found. Maybe give them more conifdence that you will make it to closing.
I'd suggest trying to get your plumber and pest control guy in there prior to making another offer, and removing your inspection contingency altogether.
If the house is still on the market, of course you have a chance (after all, they accepted your offer the first time!).
Conversely, if I were the listing agent, I'd also expect a much higher earnest money deposit (in addition to no inspection contingency) as assurance that you'll either perform as specified by the contract this time, or forfeit your hefty deposit to the seller for the hassle.
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