Too many offers on house, what to do?

Asked by babalina, Pittsville, WI Wed Aug 6, 2008

I am using an agent (they use no binders, go right to contract. I had a full price offer on my house a month ago. Finally, the inspection is being done, but more inspections (will take at least another week). In the meantime, I have had 3 or 4 other offers on my house. two in one day One is an all cash offer. I don't want to mess up the first buyer who already invested in inspections, but what do to? I just want to sign a contract and move!! Please help.

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15
James Joseph, , 06281
Wed Aug 6, 2008
Hi Anxious,
What a great problem to have. Take a deep breath and live up to the first contract that you agreed to if it is still binding. Chances are thta at least one of the other buyers will still be around if you should need a fal back position.
All the best,
James Joseph
1 vote
trulia, , 12533
Wed Aug 6, 2008
As a Dutchess County Broker, my first question is why have they taken so long to complete the inspection. Typically this is done within 7 days of accepting the offer. My second question is have you contacted your attorney and has your agent sent the paperwork to the attorney so that contracts will be drawn? You are at liberty to accept another offer, especially if it means getting the sale completed quicker.
1 vote
Sj209, Both Buyer And Seller, California
Wed Aug 6, 2008
Agree with Maria. Unless it is writing how can there be an agreement? In my opinion, you should only field legitimate offers that come with pre-approval docs (if applicable) and earnest funds.
1 vote
Maria Morton, Agent, Kansas City, MO
Wed Aug 6, 2008
Also, an offer must be made in writing; if you have nothing in writing, why do you think you have an offer to purchase?
1 vote
Maria Morton, Agent, Kansas City, MO
Wed Aug 6, 2008
Then how is the Inspection Period defined?
1 vote
babalina, Home Seller, Pittsville, WI
Wed Aug 6, 2008
there is no binder, no signed agreement no contract with the first buyer
1 vote
Maria Morton, Agent, Kansas City, MO
Wed Aug 6, 2008
Inspections occur after a contract has been signed by all parties.
If the buyer is conducting inspections, you should already have a signed contract.
The contract specifies how many days the buyer has to complete inspections.
I am wondering what kind of contract you have and who wrote it for you.
1 vote
Jill Doppel, Agent, Millbrook, NY
Fri Aug 15, 2008
If it were me, I would lay out every single SIGNED offer on the table and review ALL of the terms on all of the offers. It's all talk unless it's in writing. If you put the "backup" buyers on the back burner, while you already have a buyer dragging their feet, you could irritate and lose all of the backup buyers if the first one backs out. I've seen it happen more than once.

Here's the best strategy, in my humble opinion:
1- review all offers with your agent
2- determine #1 and #2 best terms/price/condition offers.
3- If offers are too close together, your agent should be calling all agents who submitted offers and ask for highest and best by X time and X date (within 48 hours). In the meantime, see who responds with the most timely, serious offer, and who is highest/lowest risk. Be aggressive and remember to stick to a rapid rate so buyers dont 'cool off'.
4- Implement the 'first right of refusal' if a buyer falls through and move quickly if this should happen. The longer you wait, the more of a risk you run of losing an excellent buyer.
5- proceed aggressively and keep the faith!

*If another buyer comes in with a better offer than the first people that are getting inspections done, then let the first buyer know that there's more offers coming in, and to be fair to all parties, you must give each a chance. If you choose another buyer, you will most likely have to reimburse for the cost of the home inspection.

Overall, it's a risk no matter which way you go. You risk the first buyer and while he/she is wasting time, you are risking losing the backups as well, so play your cards strategically.

Hope this helps and remember to keep in close contact with your agent. A day lost could be $10,000 lost! :) Best of luck and let us all know of the outcome!

Jill Doppel
Ambassador Properties
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Thu Aug 7, 2008
I suspect that the zoning issues that are being resolved by your first buyer, may be issues you will face with others as well. It sounds to me as though you are well on your way with your first buyer - so I'd stick it out, keep those back-up offers with your attorney (OK if buyer 1 knows they are there - can create a little positive pressure to move along).

You are one lucky bug!

Best,
Jeannie Feenick
Weichert Realtors
Search and connect at http://www.feenick.com
Web Reference:  http://www.feenick.com
0 votes
Carrie Crowe…, Agent, Southaven, MS
Thu Aug 7, 2008
Anxious,
If you have nothing in writing then technically you have no contract. I would explain to the first buyers that unless they get the lead out, you have other offers and you will have to consider them. Since they have invested time and money, they will likely not want to lose, it may do the trick. If they are finding problems, chances are other buyers may run into the same kind of issues. Good Luck, please let us know how it turns out.
Web Reference:  http://carriecrowell.com
0 votes
babalina, Home Seller, Pittsville, WI
Thu Aug 7, 2008
to answer someone's question, it is taking so long because 1) a zoning issue (resolved) 2) they ordered one set of inspections after the zoning issue was resolved after 7 days, and then they ordered some more optional ones which will take an addtional 7-15 days, that is way I am ansy. to have to wait this long is unreasonable, when I have 4 backup offers.
0 votes
Curtis Darra…, Agent, Poughkeepsie, NY
Wed Aug 6, 2008
Anxious,

If you don't have executed contracts (both buyer and seller have signed), you are NOT in contract. Sounds to me like this buyer is dragging their feet, perhaps still trying to get a bank approval. I recommend you sit down with your agent and request they provide you with a written offer, pre-approval letter and any other required disclosures. I would give them a 48 hour deadline. If not, go to your back up offers. Best of luck.


Curt Darragh
Associate Broker
Houlihan Lawrence
Web Reference:  http://www.CurtDarragh.com
0 votes
Sj209, Both Buyer And Seller, California
Wed Aug 6, 2008
Are the buyers contacting you directly or is the agent notifying you of the other offers?
0 votes
babalina, Home Seller, Pittsville, WI
Wed Aug 6, 2008
they must do things different in here. that is the problem. There is no inspection period defined and it is dragging on and on and on.....We had verbal offers or written offers, but no formal binder.
0 votes
Sj209, Both Buyer And Seller, California
Wed Aug 6, 2008
Stick with the first buyer (assuming you have a signed agreement) but hang on to the other offers.
0 votes
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