Home Buying in Boston>Question Details

turnstogrey, Renter in Somerville, MA

Other offer accepted even though ours was higher - any chance at all?

Asked by turnstogrey, Somerville, MA Mon Jan 20, 2014

We were the backup offer on a beautiful home in Boston. It was a case of a few days too late - literally. The other offer was for asking price, and was contingent on the sale of that buyer's home.

Our offer was above asking, and we are currently renting so had no need for a home sale contingency. However, the sellers are getting divorced so communication was poor - apparently the wife wanted to accept our higher offer, but the husband did not. In the time it took them to make up our mind the other buyer's home went through the sales process, so the contingency was removed.

The other buyer's offer was accepted. Is there any way we can get this house at this stage? Could we sweeten our offer further? Any chance the sellers could back out and take our offer? Just hoping there's someway we can still buy this place... Appreciate any and all advice.

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Answers

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First ask yourself, would you want to do business with someone who broke a contract with another buyer? Let alone the legal complications in them doing so. A lis pendis that could be filed by the other buyer will keep anyone from buying it in the near future.

Leave an offer as a binding back-up offer and hope the other Buyer's offer falls through.
1 vote Thank Flag Link Mon Jan 20, 2014
Unfortunately homes are selling very quickly which makes it very difficult for the buyer. Buying a home is a very time consuming emotional decision. The contract for the first offer is binding and cannot be changed. This has happened to many buyers lately which if very unfortunate. Going forward you will put the offer in right away and see the difference. You are not alone with your frustration. Give me a call if I can help. Lori Davis, Keller Williams Back Bay, 978-257-9950.
0 votes Thank Flag Link Tue Jan 21, 2014
If you were the other buyer how would it feel if someone broke your deal?

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. This answer is my personal opinion, has not been reviewed or approved by the company I work for. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Tue Jan 21, 2014
"A few days too late."
It happens.
Will it happen again?
That is the REAL question to which only you have the answer.
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Get yourself in position with a back up contract.
No, don't wait for the deal to fall apart and expect to be contacted. You will agent be "A few days late." Get the back-up contract signed.
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The seller will not and should not violate the existing signed contract. That could result in EVERYONE being a few days late and a third party, presenting less complexity and liability sealing the deal.
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Moral to the story: The early bird gets the worn.
Ask your agent to enroll you into the First Look option. You will pay market value but you will get a day or two head start. If you have learned your lesson, that head start should be sufficient.
0 votes Thank Flag Link Tue Jan 21, 2014
Were you represented by an agent, and if so he/she should have been more alert. On another note it really is up to the seller and at this stage the only thing you could do is wait to see if the other offer falls apart.

Best Of Luck.
0 votes Thank Flag Link Tue Jan 21, 2014
I don't think so unless the current accepted offer falls apart. Have your agent keep in touch with the property but it's probably best that you move on to other properties currently for sale.
0 votes Thank Flag Link Tue Jan 21, 2014
It is up to the seller to accept any offer, regardless of price. Sometimes offers that are cash or with no contingencies are preferred, even though the price is lower.
The best thing you can do is move on and find another property. The market is showing signs of slowing down, and future prices may be in your favor.
Best regards,
0 votes Thank Flag Link Mon Jan 20, 2014
The sellers can accept any offer for any reason. At this point you can have your agent communicate that you'd like to stick around as a back up offer if the first one falls through - and keep looking in the meantime without getting your hopes up to get this home. If you don't have a buyer agent, now us a good time to get one... Sometimes the right agent makes all the difference.
0 votes Thank Flag Link Mon Jan 20, 2014
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