Zillow Advice: Buying Process - put an offer on a home and it was accepted. Now we are in a bidding war. Any recourse?

If you have no accepted offer ...

Thu, 02 Jul 2009 15:52:00 GMT

If you have no accepted offer there is generally no recourse. But I am sure your attorney told you the same news.

If you want the home, make a new written offer. But don't offer more than you feel the home is worth. If it doesn't appraise, then you are back to square one.

And don't bid on the home if you feel it's now overpriced. Let some other fool pay too much.

There is not need to get ...

Thu, 02 Jul 2009 16:15:00 GMT

There is not need to get yourself in the bidding war, if the seller's agent call you back, then you have to ask them for the closing cost, repair, etc...
I do as same when in your situation one year ago.

Don't let this stress you ...

Thu, 02 Jul 2009 16:09:00 GMT

Don't let this stress you out. It's a learning lesson. And frankly, with a 60% down payment your offer may be accepted over higher offers. A 60% down payment shows the seller you're probably going to get your loan through to closing.

Don't get caught up in emotions. Decide now, regardless of other offers or not, what the fair market value is and what you're willing to pay. I wouldn't even waste my lawyer's time or my money. There's no contract.

AND FROM NOW ON, realize your offer is not truly accepted until you have the signed contract in hand with the binding agreement date.

An offer is not accepted ...

Thu, 02 Jul 2009 15:55:00 GMT

An offer is not accepted until it is signed. Trying to enforce a verbal acceptance is not worth the money or time you will spend in legal costs. There is not contract verbal or otherwise without a meeting of the minds. The seller does not have to sell to you and will completely backpeddle Â about their "verbal" statements. Unless you want to be in a bidding war or legal battle for some time to come, I would walk away. In the future, I would not pay for inspections unless you have a signature on the contract from the seller. Otherwise, you risk paying for a lot of inspections on houses that you don't end up buying.

It was verbally accepted ...

Thu, 02 Jul 2009 15:39:00 GMT

It was verbally accepted last friday. The contract was to be sent out Monday but it didnt go out because other agents were calling with other offers.

what do you mean your offer ...

Thu, 02 Jul 2009 15:20:00 GMT

what do you mean your offer "was accepted"?

If the seller signed your offer, and sent it back to you, you have a contract, not an offer. If you have a contract, then you don't need to concern yourself with other offers. The seller has to sell to you per your contract (though obviously you won't be able to negotiate repairs very well if there are other higher offers waiting)

If the selled did not sign it, then that is a different story, you don't have an accepted offer.

Of course we called our attorney. ...

Thu, 02 Jul 2009 15:13:00 GMT

Of course we called our attorney. I was hoping that I could get at advice from people who have been in the exact situation.

To quote: "A verbal contract ...

Thu, 02 Jul 2009 15:07:00 GMT

To quote: "A verbal contract isn't worth the paper it's written on"

Shouldn't you be voicing your concerns to your attorney, not on an internet discussion board?