Home Buying in 76067>Question Details

donovan1996, Home Buyer in Mineral Wells, TX

I have an offer in on my families "dream home" at the last minute someone else put in an offer as well. What should I do to ensure I get my home?

Asked by donovan1996, Mineral Wells, TX Sat Sep 29, 2012

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Kristin Jennings’ answer
Hi Donovan, I hope the house didn't get away from you. Your agent should have been able to advise you on the situation, if a seller receives multiple contracts they will likely go with the stronger contract. If you were asking for them to pay closing costs or make repairs but the other buyers were not, that would make the other contract stronger. A cash offer often goes smoother and faster, so if the other offer was cash they may have an advantage.
Please feel free to contact me if you have further questions.
Kristin Jennings
Agent, Source 1 Real Estate, Mineral Wells, TX
1 vote Thank Flag Link Thu Oct 4, 2012
Donovan, Joe's advice is very good. It's dangerous to fall in love with a house. It clouds your vision and leaves you prey to making poor financial decisions. My dad gave me good advice - "The last good deal hasn't been made" - when I was in a similar position to you and really wanted to buy a new house.

It's OK to make what you consider you "best" offer - something that if it's accepted you can live with. In a negotiation, it's often a win if neither party walks away over the top happy. I one side is over the top happy, that probably means the other side is very unhappy. In this case, you can make the best offer you feel you can be satisfied with, and if it's accepted then that's all good. If not, don't go out of your comfort zone to win the bid on the house.
2 votes Thank Flag Link Sun Sep 30, 2012
Well, Donovan, many homes that go under contract pop back up on the market for many reasons. The most common reasons are problems found during inspection (typically within two weeks of contract ratification) and failure to secure financing (typically 30 days after signing). So if it doesn't pop up after 30 days, I'd say chances are slimmer that you'll see it back on the market. Unless it's a short sale, in which case all bets are off! I would not wait for it though. Continue to search for another home. If one comes up, you can weigh out whether to make an offer or wait longer for this one to come back, but at least you're still in the market and not missing your next dream home. Best of luck...Jim
1 vote Thank Flag Link Mon Oct 1, 2012
Hi Donovan

Thanks for your question, and quite unfortunate that another offer has come in for you to
contend with.

Work closely with your Agent with who you put the offer through, hopefully you
did not work with the listing agent. Understand the market, the neighborhood and home fast or high
similar homes are selling for, and then sweeten your bid.

Call your agent fast before the buyer makes up his mind, check if the seller will counter
and go from there.

1 vote Thank Flag Link Sat Sep 29, 2012
Well, I got bad news today, :( they took the other offer. They will keep me in mind for a backup. How long should I wait for that? I feel in my heart that is my home. I am usually "right on " when it comes to instincts. So, as pros, what is your advice? 30,45 days???? I really feel like this home is right.
0 votes Thank Flag Link Mon Oct 1, 2012
Do you know for sure there is a "true offer " or just listing agent playing games ? Your agent should be determining how position you securing winning sales agreement.

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0 votes Thank Flag Link Sat Sep 29, 2012
What is your agent advising...you can consider making your best and final offer within your means...
0 votes Thank Flag Link Sat Sep 29, 2012
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