I am looking to buy my first house in Seattle area. There are two houses that I like and can't tell which one is better. The offer review of both are on the same day. I am working with two agent right now and asking each agent to submit an offer for one of these houses. They are not aware that I am also submitting an offer for another house. There is going to be no contingency in these offers and I intent to go ahead with only one. If both gets accepted, how can I back out one of them? Can I simply refuse to deposit earnest money ? #housing #seattle
That’s not the worst case scenario. That’s the scenario. If we both get accepted with any contingencies, you will lose EM for one of them. Why can’t you tell which one is better? Feel free to DM me.
I can’t tell because there is going to be huge bid war. The property that meet my max budget in the bid war is better.
Most of the time there is a two weeks contingency period. Why OP couldn't use it to retract him/her-self from one of the two offers ?
OP said no contingencies. I believe you can pull out your offer prior to acceptance but if both accepted the same time, there’ll be two contracts in effect
Bad idea. Pick one agent and go with one house bid at a time
Ask your agents to check if one of them is accepting offer before review date. I have seen this happening and if the offer is good, seller will take it. If your max offer is not good it most likely will not win on review date either and you can focus on the other house in that case. What you are doing will only get you in trouble.
I have asked and both listing agents want huge money to accept an offer prior to review date. Plus without a bid war going on the chances that the house get appraised to what they want is unlikely. Therefore I should cover the appraisal gap out of my pocket.
Yeah, they still have an rough estimate what it would sell for and if your offer gets closer to that, they might not wait for bidding war. Covering appraisal gap is part of removing contingency and lot of winning offers do it. My point here is that your offer has to be strong and valid till day before review date for pushing them and it doesn’t hurt you in anyway. Other option, since you like both and can’t decide, don’t go for the most popular one. And make good use of your agent, they can easily tell which house will be more contested.
You should have inspection report and disclosures shared with you in 7 days of offer. You can say you didn’t like something in report like foundation / roof issues and withdraw. I am not sure how it works nor have I done before. Just trying to help
I have got all of then and even paid for inspection for one house. Not sure if that would help.
What if I made one offer contingent to a some sort of condition that can buy me 12 hour time ? I am sure seller will reject inspection contingency... is there any other contingency that I can use to buy 12 hour time without putting my offer in a weak side ?
no. your offer will be rejected. duh
best you can do is make both of them at the money offers. hope they come back to you with counters. but if you can’t tell which is better, it means they are equivalent. toss a coin
If you get both, just buy them both and sell one at a higher price. Seller's market. After it closes, the price would have rose by another 10%
If you submit offers with earnest money you lose one of them. And no, you cant refuse to give earnest money. Once the offer is accepted your contract is in effect
I am not following you. I was under impression that I should deposit the earnest money in the escrow AFTER offer is accepted. By that time , I can refuse to deposit one if both gets accepted.
It’s a breach of contract if you don’t deposit