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Tra Styles, Home Buyer in New York, NY

2 parties bid on a house, whoever gets the contracts in first -gets it

Asked by Tra Styles, New York, NY Fri Apr 4, 2008

hi all
2 parties bid on a house, whoever gets the contracts in first -gets it. Now we need to know how to get our contracts done asap. that is the only way we can get the house. Any advice?

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6
If both offets are identical as far as price, downpayment, mortgage qualification and terms then going to contract first means whom ever is going to sign and put the deposit in escrow that is the one who is going to purchase the house.So if that is the case then you should schedule an appointment with your attorney.
Good luck to you.
0 votes Thank Flag Link Mon Aug 11, 2008
The seller may accept either offer. First does not mean they get the house, unless a contract was signed (different than a binder) with an attorney, a seller is free to take the second offer.
Web Reference: http://www.NinaMoore.net
0 votes Thank Flag Link Thu Apr 10, 2008
Assuming the seller is willing to deal with either party, you are correct. I had the a situation where an offer was accepted and contracts went out. The second offer was higher but had some contingencies. They were told to remove the contingencies and get into contract before buyer #1 or be the first back offer. They did not sign quick enough and did not get the house.

How can you get your contract done asap? Well in NY the seller's atty sends out the contracts, so have your attorney review them ASAP and sign.
0 votes Thank Flag Link Fri Apr 4, 2008
Until the seller accepts an offer, it is not sold. If the first offer is not as accepted, and a second offer comes in, the seller is not obligated to take the first one simply because it was first. The seller is free to accept the second offer if he has not accepted the first one. In a multiple offer situation, often all buyers are told to submit their highest and best offer and the seller selects one. It is not always the price that makes the offer attractive. The cleaner the contract, the better for the seller. That means put in as few contingencies as possible. Try to give the seller a closing date that he wants. Sometimes a contract with dates that work for the seller and not a lot of oppressive contingencies is more appealing than a higher price offer.
Web Reference: http://BestSellerSTL.com
0 votes Thank Flag Link Fri Apr 4, 2008
If there are multiple offers on one property, the seller may issue a counter offer to each one, and even then it would not necessarily be a "race" to answer first. A good agent will advise the seller to use a multiple-counter offer addendum which would protect the seller from selling the property to more than one person. Keeping your offer free of contingencies is the best way to increase your chance of acceptance.
0 votes Thank Flag Link Fri Apr 4, 2008
Not true, if there are multiple offers on a property, the seller can respond to both and select the one based on all conditions. If you want a property, make the terms as easy as possible for the seller.
Web Reference: http://www.johngonnello.com
0 votes Thank Flag Link Fri Apr 4, 2008
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