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Offer deadline passed...Any penalty?
I made my first offer on a fix-and-flip. The offer was made on Tues., March 9 and the deadline was set for Tues., March 16 at 5 pm. The deadline has passed and there has been no response from the bank to the banks realtor, the bank's realtor says. What options do I have.
My realtor says there is no penalty but I can pick up my earnest money any time as I don't have an obligation to follow through on it.
Does this happen often? What do you experienced people do about it?
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#3 Real Estate Deal Analysis & Advice Contributor
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- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
This happens a LOT. Get used to it. Your offer is now dead. You can make another offer, or you can move on.
If you really want to buy something, make lots and lots of offers. Specify "earnest money to be provided by certified funds within 72 hours of mutually executed contract." Include a copy of a personal check if they request.
Its possible you'll hear back from the listing agent later asking if you want to make another offer.