we made an offer on a house friday...?????

Question

We made an offer and no one has gotten back with us yet. How long does it normally take? Also if someone makes a higher offer will we be contacted to be able to offer more? We are new at this and so confused. They want us to get a survey and get it inspected, do we start calling now and set it up or wait until we sigh the contract? Please help!!

we are already approved for the loan. we called as soon as we got home after looking for the house. (Thank you Andre!!) In fact the mortgage broker is the one who told us we could go ahead and call to make the offer!!

Answer 1

Do not arrange anything or pay any money until your offer is accepted in writing with a signed contract.
It will take the amount of time the agent wrote on the contract, check it. Usually that is 2-3 days. All depends on whether it is the weekend or the other agent is local or anyone involved is out of town.
The owner/seller can accept any offer presented. If several offers come in at the same time all will be presented at the same time and the seller chooses the best deal for them. They will not only look at the price and terms of the offer but wether you are the best qualified. They do not want someone who is shaky since the deal can fall out of escrow then they are starting all over.
If someone makes a higher offer you may not know except your offer will be declined. If your agent know several offers are coming in he or she will tell you.
If your offer is declined you get back your earnest money/check. If you back out you can lose it. Questions on this ask your agent.

Remember that if your agent is not helping you to get the best value that you can afford there are other agents out there. Make sure you agent has a track record or doing business in your area and make sure your personalities match. The worst thing is to get someone you can not talk to and get answers.

If you find the right one be loyal. Nowadays many people are not loyal to their agents. If the agent does a great job for you refer him or her and use them again when you need another home. Agents make money only when they sell or list a home that sells. Otherwise there is no pay check coming in like a regular job.

If you are ever worried about the dealings of the agent go straight to his Broker. The Broker is the boss.

Answer 2

First, dont pay for surveys/inspections iwth no purchase and sale.

Second, your realtor (or you if this is a fsbo) should have put an expiration date on the offer. This prevents them from 'sitting on it' and waiting for a higher offer.

Normally if they get multiple offers, they counter-offer to all the exisiting offers that its basically a bidding war. Sometimes they just take whatever offer they like better.

A seller should not be telling you to get a survey/inspection. A home inspection is for YOUR protection, so you know if there are things to be fixed-- and a lot of the time, the buyers end up haggling for a price drop if anything comes out...so the fact that they are telling you to is odd.

A survey should not be required either, and can costs THOUSANDS. Do the sellers not know where their property lines are? Is this acreage and not a city lot?

Answer 3

Usually there is a time limit by which the seller has to respond or the offer is void. Did you have a time limit? Did you use a real estate agent? You can schedule the survey and inspection now if the offer was contingent upon those things because there can be a time limit on getting those done as well. You can always cancel them. The seller wants to know if the sale is going to fall thru due to the survey or inspection ASAP.

Answer 4

Read your PA, there should be a part that says if offer is not accepted or countered on or before date____, that it is to be considered null and void. You could always ask your Realtor to check with their Realtor. DO NOT order any inspections or surveys until you know that your offer has been accepted. Usually you want to order your inspection first, make sure everything checks out, and then order your survey. What about an appraisal? You should look into that as well if you are using a lender. BTW: who is asking for a survey, you, Realtor, bank? Survey aren't usually necessary... but if you NEED one, the seller should pay for it, not you. Email me if you have any other questions [e-mail]

Answer 5

If you are using a Realtor, these are questions they can and should answer for you. If you are not, you may want to call the seller and ask about the status of your offer. Technically, they are not supposed to consider another offer until such time as they have declined yours. If, however, there are no Realtors involved, this can get a bit loosey goosey.

Do not spend money on any surveys or inspections until such time as you have an accepted offer with seller's signature on the dotted line.

Answer 6

Ask the seller what day they will be reviewing all contracts. Don't let him/her drag it out. If they won't give you a date, tell them your contract comes off the table by "x" date.

Only if you put in an escalation clause will you be contacted to offer more.

Schedule a survey and home inspection immediately once your contract is ratified, NO sooner. Good luck!
[e-mail]

Answer 7

My home inspection ran about $250, and found some things wrong which enabled me to negotiate a lower price. Definitely get one

Answer 8

walk away, and discover yet another domicile. If the owner is stupid adequate to allow it bypass to foreclosures while he has an furnish staring him interior the face, permit him take his hit. some human beings in simple terms can't be helped. in the adventure that your furnish expired, you at the instant are not obligated to purchase the domicile. good success to you!