Bid on a house and now one I like more just came on

[Anonymous]

You would take their deposit for what? What loss would you have incurred?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a seller I would take your deposit

Agent here.

If OP backed out before you accepted the offer, or if you accepted someone else's offer, or if you accepted OP's offer but countered some of the terms -- you would have no legal way to take the deposit. The likelihood of none of the above happening and a seller simply accepting an offer as submitted is very small.

Happens all the time , you just pissed away the sellers time and its with money

That's just part of the process of selling a house. If it's a good house the sellers will have many other offers. No loss.

If the buyer put in an offer and it was signed I would take their deposit.

OP reported that the seller hadn't signed yet, so the contract wasn't ratified. So no deposit.

Plus, the EMD check isn't made out to the seller. There are a lot of hoops to jump through to get it. It's better to just move on to another buyer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a seller I would take your deposit

Agent here.

If OP backed out before you accepted the offer, or if you accepted someone else's offer, or if you accepted OP's offer but countered some of the terms -- you would have no legal way to take the deposit. The likelihood of none of the above happening and a seller simply accepting an offer as submitted is very small.

Happens all the time , you just pissed away the sellers time and its with money

That's just part of the process of selling a house. If it's a good house the sellers will have many other offers. No loss.

If the buyer put in an offer and it was signed I would take their deposit.

OP reported that the seller hadn't signed yet, so the contract wasn't ratified. So no deposit.

Plus, the EMD check isn't made out to the seller. There are a lot of hoops to jump through to get it. It's better to just move on to another buyer.

If I were the seller I would sign and then request the deposit if they pull out. If the seller is nice Your best bet is to settle for part of the deposit.

[Anonymous]

OP - what happened?

[Anonymous]

Anonymous wrote:You would take their deposit for what? What loss would you have incurred?

Google "opportunity cost."

[Anonymous]

Assuming there was any other clause, inspection, etc. You can always back out then and they cant take your deposit.

[Anonymous]

Anonymous wrote:OP - what happened?

Still a work in progress. Don't worry, I'll update you all when the dust is settled.

-OP

[Anonymous]

Same thing here, so I backed out like the last min. Went with one little further out, same price but way bigger and newer. However, once everything is settled, found out that there's another one within the neighborhood that seems pretty good too. And I am keep choking my throat that I should have asked for the closing cost, but was afraid to loose another house, so I went with the full price no credit.

[Anonymous]

Anonymous wrote:Assuming there was any other clause, inspection, etc. You can always back out then and they cant take your deposit.

I backed out thr last min, legally the seller can't take your despising, but just cause your agent loose his reputation and might be some hassles to get the money back.

[Anonymous]

OP here with an update.

I talked over the situation and my desires carefully with my agent, explaning that I really wanted house #2, but didn't want to do anything shady or unfair to the owners of house #1.

Per her advice I submitted an aggressive offer on house #2 while still waiting to hear back about my not very aggressive offer on house #1. Not surprisingly, the owners of house #1 countered my offer, upping the price and changing some of the terms. (If they had accepted my offer as is then I would have pulled my offer on house #2 before those sellers had a chance to respond to it, and bought house #1.)

Shortly thereafter, the owners of house #2 accepted my offer with no counter. After I signed the contract for house #2 I let the owners of house #1 know I wouldn't be accepting their counter. This all happened within the course of 24-48 hours.

Although I do feel slightly bad for the sellers of house #2, I truly don't think I did anything unethical, and I'm confident they'll be able to sell with no issues despite wasting a day or two with me.

Morale of the story: go for the house you truly want. There's a way.

[Anonymous]

Anonymous wrote:OP here with an update.

I talked over the situation and my desires carefully with my agent, explaning that I really wanted house #2, but didn't want to do anything shady or unfair to the owners of house #1.

Per her advice I submitted an aggressive offer on house #2 while still waiting to hear back about my not very aggressive offer on house #1. Not surprisingly, the owners of house #1 countered my offer, upping the price and changing some of the terms. (If they had accepted my offer as is then I would have pulled my offer on house #2 before those sellers had a chance to respond to it, and bought house #1.)

Shortly thereafter, the owners of house #2 accepted my offer with no counter. After I signed the contract for house #2 I let the owners of house #1 know I wouldn't be accepting their counter. This all happened within the course of 24-48 hours.

Although I do feel slightly bad for the sellers of house #2, I truly don't think I did anything unethical, and I'm confident they'll be able to sell with no issues despite wasting a day or two with me.

Morale of the story: go for the house you truly want. There's a way.

Sounds like you handled it well. But you got away with one. You're lucky the owners of #1 countered! But I agree, nothing shady happened here.

[Anonymous]

Anonymous wrote:OP here with an update.

I talked over the situation and my desires carefully with my agent, explaning that I really wanted house #2, but didn't want to do anything shady or unfair to the owners of house #1.

Per her advice I submitted an aggressive offer on house #2 while still waiting to hear back about my not very aggressive offer on house #1. Not surprisingly, the owners of house #1 countered my offer, upping the price and changing some of the terms. (If they had accepted my offer as is then I would have pulled my offer on house #2 before those sellers had a chance to respond to it, and bought house #1.)

Shortly thereafter, the owners of house #2 accepted my offer with no counter. After I signed the contract for house #2 I let the owners of house #1 know I wouldn't be accepting their counter. This all happened within the course of 24-48 hours.

Although I do feel slightly bad for the sellers of house #2, I truly don't think I did anything unethical, and I'm confident they'll be able to sell with no issues despite wasting a day or two with me.

Morale of the story: go for the house you truly want. There's a way.

You rolled the dice and got lucky

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP here with an update.

I talked over the situation and my desires carefully with my agent, explaning that I really wanted house #2, but didn't want to do anything shady or unfair to the owners of house #1.

Per her advice I submitted an aggressive offer on house #2 while still waiting to hear back about my not very aggressive offer on house #1. Not surprisingly, the owners of house #1 countered my offer, upping the price and changing some of the terms. (If they had accepted my offer as is then I would have pulled my offer on house #2 before those sellers had a chance to respond to it, and bought house #1.)

Shortly thereafter, the owners of house #2 accepted my offer with no counter. After I signed the contract for house #2 I let the owners of house #1 know I wouldn't be accepting their counter. This all happened within the course of 24-48 hours.

Although I do feel slightly bad for the sellers of house #2, I truly don't think I did anything unethical, and I'm confident they'll be able to sell with no issues despite wasting a day or two with me.

Morale of the story: go for the house you truly want. There's a way.

You rolled the dice and got lucky

Rolled the dice? You imply she was at risk somehow. She wasn't. OP congrats on finding a house. This board can be so nasty!!

[Anonymous]

You had no obligation to the owners of either house. Its a business transaction and if the contraction allows you with withdraw or cancel an offer based on any clause, then that is your prerogative.

As long as there was a way out of the contract - inspection clause or other - there is nothing that sellers could have done to keep your deposit and if they lost another buyer in the meantime, thats life.

[Anonymous]

Lawyer here. There would have been a less stressful way: When you make an offer and have not yet heard back that the sellers have accepted, YOU CAN REVOKE YOUR OFFER ANYTIME, and of course get your deposit back.