Putting in an offer...

[erin1715]

I think I know the answer but just want to be sure...

If I put an offer in on a contract and don't hear any response for days, I can offer on other contracts right? I'm not committed to anything until I sign a contract, correct?

 

[BillPA]

If you don't get a response, get another broker.

 

[erin1715]

I put in an offer for a contract listed with fidelity on Friday, and went back and forth a couple times about the offer per point. As of my last offer on Friday, I haven't heard a thing.

 

[miTnosnhoJ]

I would do one of two things...
1) send them a notice that you rescind your offer effective immediately
2) if you are still interested in the property, tell them you rescind your offer effective in 72 hours. (or time that seems reasonable to you.)

 

[com_op_2000]

Makes sure in future offers you put in a date that the offer is be accepted by; also recommend you include a close by date.

 

[jerseyduke]

I would do one of two things...
1) send them a notice that you rescind your offer effective immediately
2) if you are still interested in the property, tell them you rescind your offer effective in 72 hours. (or time that seems reasonable to you.)

This. It is probably not the broker's fault...they want to make a sale. If you do not offer what the seller is asking, the broker has to contact the seller. The seller may not respond...he/she isn't crazy about the offer and wants to wait a few days to see if a better one comes along.

Put pressure on them. The seller is trying to get the best deal, and I do not blame them, but that should not restrict you from trying to do the same.

Say if you do not hear back in 24 hours, your offer is rescinded.


In the future, I would give a certain time frame. 48 hours is good in my eyes, unless it is a weekend, but that is up to you

 

[SuperRob]

Putting in an offer isn't a contract. You can make multiple offers (some as backups), then go with whichever is the most favorable. I put in three simultaneous offers when I was looking. The first countered, and I declined, but the second accepted, and I moved forward, then rescinded the third.

 

[vnovabri]

Putting in an offer isn't a contract. You can make multiple offers (some as backups), then go with whichever is the most favorable. I put in three simultaneous offers when I was looking. The first countered, and I declined, but the second accepted, and I moved forward, then rescinded the third.

I would be careful of such practices, while an offer is not a contract, it does not mean you cant get into trouble. Without getting too legal... if all three had accepted your offers before you rescinded you could have had some issues.

 

[supersnoop]

I would be careful of such practices, while an offer is not a contract, it does not mean you cant get into trouble. Without getting too legal... if all three had accepted your offers before you rescinded you could have had some issues.

Depends on the state laws that apply. Most states require that all real estate contracts be in writing, so the "normal" rules of offer/acceptance don't always apply.

 

[vnovabri]

Depends on the state laws that apply. Most states require that all real estate contracts be in writing, so the "normal" rules of offer/acceptance don't always apply.

True that it does depend, that is why I just wanted to mention that people should be cautious...

 

[SuperRob]

I would be careful of such practices, while an offer is not a contract, it does not mean you cant get into trouble. Without getting too legal... if all three had accepted your offers before you rescinded you could have had some issues.

As supersnoop pointed out, unless it's specifically stated that the offer is binding, no one is on the hook for anything. Don't make any binding offers, and you're fine.

Why am I so confident about this? Because written contracts require signatures and notarization to be legal. Oral contracts (which email could be considered, in some cases) can't be handled through a third party. IANAL, but unless the broker has some language about offers being binding (and I have yet to see one that does), you can back out at that point. You are probably putting your "relationship" with those other brokers at risk if you do that (they'd be less likely to submit offers on your behalf if they feel you're jerking them around), but that's really about the extent of it.

 

[suebeelin]

Offer, acceptance, consideration does a binding contract make.

No consideration, I'm assuming, so no binding contract. An offer can be withdrawn even after acceptance if there is no consideration-- Perhaps it's bad form, but politeness isn't usually a factor in DVC negotiations....

But I digress .

I made an offer to fidelity almost 1.5yrs ago. Heard nothing for two weeks. Figured it was too low. Got a call out of the blue- it was accepted. I ran around trying to lock that deal in. I happened to be at DW when the acceptance came through. Once I put in my deposit, it was technically a contract bc of the consideration.

 

[ColinBlair]

As supersnoop pointed out, unless it's specifically stated that the offer is binding, no one is on the hook for anything. Don't make any binding offers, and you're fine.

Why am I so confident about this? Because written contracts require signatures and notarization to be legal. Oral contracts (which email could be considered, in some cases) can't be handled through a third party. IANAL, but unless the broker has some language about offers being binding (and I have yet to see one that does), you can back out at that point. You are probably putting your "relationship" with those other brokers at risk if you do that (they'd be less likely to submit offers on your behalf if they feel you're jerking them around), but that's really about the extent of it.

Just to be pedantic, and IANAL as well, written contracts do not require notarization to be legal. In fact the buyer usually doesn't have to get anything notarized buying a DVC resale unless there is a loan involved. Some of the brokers do use language like "I understand that by submitting this information I am obligated and 100% committed to purchasing this property at the listed price with all costs as detailed above." I doubt that language has any legal meaning for the reasons that suebeelin pointed out.

 

[jerseyduke]

IANAL either, nor did i stay at a holiday in express, but i fail to see how verbal communication alone can be official. That being said, I would not make multiple simultaneous offers. But I do not see why you can not say in an offer, "I offer you this", this offer is good for 48 hours, or unless another offer I have made is accepted.

As a suebeelin stated...waiting almost 2 weeks??? That is the seller hoping for something better to come in, so why can't a buyer look for something better?

In today's world, we get emails on our phones in seconds. If a seller can not make a decision in a day or two, that is their problem.

Realistically, if I put in an offer, and here nothing for weeks, I would forget about it. If I get a call a year later telling me it was accepted, i have a strong suspicion I am under no obligation.....

It is probably in bad taste to rescind an offer in a short time frame, and I would think you can really avoid making multiple offers most of the time. If a contract pops up, and is that good that it will not be there in two days, you probably have to offer what the seller is asking for and no less. And if a broker gets that, I think they act on behalf of the seller, and put sale pending.

All this being said, I would simply state, this offer stands for 48 hours, and problem solved.

 

[erin1715]

I wrote the broker and said if I don't hear anything in 24 hours my offer will be rescinded. He immediately wrote back and said the seller declined the offer. I got the feeling that the seller made the decision awhile ago and the broker never followed up with me. Oh well, I'll just keep looking!

 

[gharter]

I wrote the broker and said if I don't hear anything in 24 hours my offer will be rescinded. He immediately wrote back and said the seller declined the offer. I got the feeling that the seller made the decision awhile ago and the broker never followed up with me. Oh well, I'll just keep looking!

That's too bad. First, I would use a different broker next time. There are many good brokers out there and lots of good resale properties. Maybe, you'll find a better option next time.
You also have the option to increase your offer, if its a resale you really want.