Post # 1
After the offer on the house was accepted, the realtor told us we need to get a real estate lawyer and an engineer to inspect the house….
My question now is: Although our offer was just accepted toady, is it possible for someone else to make an offer on this house? I am terrified that someone will make a higher offer on this house because I fell in LOVE with this house and know NOTHING about buying a house!
Post # 3
@Stranger516: Nope, they are legally obligated to accept your offer now. The ball is in your court if you put any conditions in the offer and pending a lawyer reviewing the offer and obtaining the necessary paperwork (title, deeds, etc).
You want the engineer or home inspector to walk through the house with you to see if there are any issues you need to address or reasons not to buy the house. They’ll let you know if the roof needs replacing, if there are structural issues, if anything isn’t to code, etc.
Your lawyer will review your offer, check to see that the sellers are actually entitled to sell the house (no lien on it, no body else owns part of it, etc.) and will likely get a land survey to show which portion of land is actually yours when you purchase the house.
I would ask friends/family for recommendations on real estate lawyers – and/or call around to find the best fee as they can be quite expensive. Around here many real estate lawyers will have a set “package” for new home purchases.
Good luck! I hope the inspection goes well!
Post # 4
Anything can happen until you sign those papers for the house. From loans falling through, to failing inspections, to banks screwing up paper work.
Post # 5
@Sassygrn: Lets say all of that stuff you listed goes well….. but in the meantime is it possible for another buyer to come along before closing and offer more, at which point the seller will tell us “SORRY we have a better offer, buh-bye!” even though our offer was already accepted?
Post # 6
@Stranger516: No. Like I said, they are legally obligated to accept your offer.
Post # 7
once the offer is accepted, as long as all conditions are satisfied you have a contract. The only way the deal will fall through is if your bank denies financing or if the inspection turns up something that leads you to walk away.
Post # 8
@Stranger516: Depends on your state. In NJ, once an offer has been accepted, the attorneys review the contract. During the attorney review process, either party can back out of the deal, but once attorney review is done, you’re bound to the contract. Appraisal is usually done afterward, I wouldn’t spend money on getting one done by an engineer until after the contract is secure.
Post # 9
Well here in tn we made an offer on a foreclosed house signed the papers on the contract and were in the process of getting a loan when someone came along with a cash offer, probably more than what we were buying it for and the seller cancelled the contract! And I busted my ass to get a mortgage loan, which isn’t always easy to get like you’d think. So yes I would just say do things as quick as possible, like getting the mortgage loan, making down payment, getting the appraisal etc.
Post # 10
- Wedding: October 2011 - Bed & Breakfast
Another offer can be made, and the sellers can accept back-up offers so that, if your deal falls through, they will have a back-up plan. But you will be the one they must continue to work with until such time as the deal closes (and you get the keys!) or you choose to terminate the contract (based on inspection results, bad appraisal, etc…. basically whatever contingencies you wrote into the contract).
Note: This answer is based on our experience with Maryland law and is different in other states.
Post # 11
I don’t think the seller can turn around and accept another offer.
We just sold our house in March and it took about 8 offers for us to get one we were happy with. We haven’t had any showings or even considered doing them since.
Once we accepted the offer, I have been in a mild panic ever since that something could go wrong like the buyer’s mortgage could fall through, or they could walk away from the deal….so don’t worry!! I am sure there are nerves on both ends.
Just do what you can to get the closing moving and stay on top of things with your realtor and lawyer, and you should be fine 🙂