If we really like a house, how do we bid when there's another bid out with still being prudent?

Asked by Linda, 08002 Fri May 25, 2007

the house is listed alittle above mkt but is in movein condition and i don't want to get into a bidding war. if we need to sell to, do we have to oft up a non-contingency and pray we sell or are most sellers comfortable with contingencies?

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The Rifkin T…, Agent, Cherry Hill, NJ
Mon Apr 1, 2013
I know this is an old thread but if you still need any real estate help please call our office
(Keller Williams Cherry Hill) 856-321-1212 and ask for The Rifkin Team.

1 vote
Maureen Fran…, Agent, Birmingham, MI
Fri May 25, 2007
If there is another bid on the house, then I don't imagine the seller is going to accept an offer with a contingency. You can try though. Do other things to make your offer attractive as well. Offer more earnest money and a shorter inspection period. Those things will please the seller too.
Web Reference:  http://mioaklandcounty.com
1 vote
XXXX XXXX, , Tenafly, NJ
Fri May 25, 2007
I think you are putting the cart before the horse. You will be in a much better position to buy a home if you first have your own on the market, and ideally you should have a contract on it before you make an offer on another home.
In the situation you described, you are getting yourself into a bidding war, and it is one that you really can't win. Even if you get your offer accepted, which is a real longshot if you make the offer with a contingency, you still have to sell your home before you can buy the new one. Only now, you'll be selling your home under pressure.

If you're serious about moving, put your home on the market now. You can go ahead and start looking at homes with your Realtor in the meantime, but wait until you have a contract until you actually make an offer on a home.

I've seen too many people do it the other way, and it goes a whole lot smoother when you sell first and then buy.

Good luck, and if you have any questions, you can email me at: Bob@SellitWithBob.com

Web Reference:  http://www.SellitWithBob.com
1 vote
Andrew Binow…, Agent, Myrtle Beach, SC
Thu Oct 18, 2012
Before you put an offer on paper, find out what the seller is looking for in an offer. See if that is in line with what you are realistically able to accomplish.

If the seller has just put his home on the market then he is not likely to accept your contingent offer unless there is a big carrot dangling out there.

It would be best to place a non contingent offer on the home if you have the resources to own 2 homes at the same time. You should be able to sell your old home quickly if it is priced right.
0 votes
;, , Riverhead, NY
Sat Aug 9, 2008
Buyers should have a home sale contingency in this market. While it may look awful to sellers, self protection is the only way to approach an uncertain climate. A good contingency will be motivated- better than no offers at all.
Web Reference:  http://optionsrealty.com
0 votes
J R, , New York, NY
Sat Aug 9, 2008
The worst contingency that comes to my mind right now is a buyer having to sell their own home. As a listing agent I would counsel my sellers to take the offer with no selling contingency, even if it is lower. It is always in a seller's best interest to stick with the first party they're negotiating with, and keep the second as a back up. If they dump the first, they're just going to go away mad, they won't agree to be a back up offer.
0 votes
Cole, Home Buyer, Cherry Hill, NJ
Sat Aug 9, 2008
When it was a seller's market, there was a "highest and best" offer round where all buyers put in their "best offer." Contingent buyers and buyers who were not pre-approved where told to "pound sand." However, this is now a buyer's market and sellers are more negotiable and more lenient with contingencies. But, if there is another interested buyer, a seller, in this market, should take the offer that is ready to buy without any contingencies even if it is a lower offer.

If you offer busts, then the home can be on the market for another six months or more depending upon direction of the market. Also, Cherry Hill is a family town and schools start at the end of the month. Most families want to be moved in prior to the start of school. Therefore, a seller could sit on the house all winter.
0 votes
John Agnello, , Clementon, NJ
Wed Apr 23, 2008
Hi Linda, how are you? I see you’re in my local area!

Price is just one of the many things that a seller must think about when considering an offer. These other factors can include the settlement date, terms of financing, and contingencies.

If you do in fact reach an agreement and the seller decides to accept your offer, you may be subject to “Right of First Refusal” … Which means that even though you have a contractual agreement with the seller it does not guarantee you will get the property should the seller receive a better offer.

Say for example the home you are in contract to purchase was $300,000 and the seller receives an offer for $275,000 from a non-contingent buyer, they will serve you notice and you will have up to 48-hrs (length negotiable) to lift your contingency or the contract becomes null and void. There are other factors to consider as well. The seller will most likely give you a specific performance date for which to produce a contract of sale on your home. If at that time you do not have a contractual agreement on your home, they can either extend their agreement with you or it can be dissolved.

If you should seek any additional advice, you are more then welcome to give me a call anytime.

John Agnello
Long & Foster, Real Estate Inc.
(609) 320-6700 –Cell
(856) 856-2338 –Office
0 votes
Kaye Thomas, Agent, Manhattan Beach, CA
Sat May 26, 2007
Linda.. All of these answers are great.. I like Maureen's other ideas to enhance your offer.. Sadly falling in love with a home before you are ready to buy happens a lot.. which is why I try to have my seller/buyer list their home first... I know that people are often afraid they will sell their home before they find a new one but it is far easier to have a contingency on the home you have for sale.. ie.. subject to close of escrow on seller's purchase... then it is to try for a contingency on the buying side..
Hope it works out for you..
Web Reference:  http://kayethomas4homes.com
0 votes
Thomas Johns…, , Houston, TX
Fri May 25, 2007
If you want the house put in your strongest offer without contingency. If you use an ERA agent to sell your old house, you have the peace of mind knowing that your old house is sold, because we will sell your house or ERA will buy it. See your local ERA agent for details on the ERA Seller's Security Plan.
Web Reference:  http://www.ERASold4Sure.com
0 votes
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