You are done with most of your wedding planning and now you’ve had your eye on a house for the past three months. You’ve walked through the house at least four times (if you count the open house again last weekend). You’ve shown it to your best friends, your parents and you are just a little hesitant to pull the trigger. After all, what if something better comes along tomorrow?
Many buyers suffer from this fear – I am here to tell you, if you are spending that much time at the home, you should either buy it or start paying rent! All kidding aside, you need to figure out what keeps drawing you back there and why you aren’t making an offer.
Ok – you decide you are going to take the jump and make an offer on this house that’s been on the market for several months (3 that you know for sure). You put your offer in and within an hour, your Realtor is calling to tell you that there is another offer and you are now competing for the house… What? How did this happen? Nobody wanted that house for the past three months, now we have to fight for it; this can’t be happening!
It is happening – more and more often. Below are a few things you will want to understand if you end up in this situation.
- The Seller shall have the sole and absolute discretion to accept, counter or reject any offer received. Seller is not required to accept any particular offer, regardless of the terms or conditions of any offer.
- Subsequent to receipt of all written offers, Seller shall have the absolute right to further negotiate the terms and conditions of any offer with any broker and/or one or more purchasers. However, Seller shall have no obligation to negotiate or communicate with Purchaser, or each, every, or any purchaser.
- Under no circumstances shall verbal communication be binding on Seller.
- The acceptance of any offer shall be conditioned upon the subsequent execution by Purchaser and Seller of a written contract of sale. Seller shall have no obligation to sell property unless written contract if fully executed.
- If Seller rejects Purchaser’s offer, Seller will provide Purchaser with notice, IN WRITING, of such rejection. Purchaser will be notified of Seller’s decision by Listing Broker/Agent.
My best advice? If you end up in a competing situation, give your best offer up front.