My wife and I have picked a lovely time to buy a house. Anyway I had something happen that I haven’t heard of happening before in real estate and neither has my agent or friends that I have that invest in real estate.
Wife and I put an offer on a house being built yesterday before the 5:00 deadline. Over asking with 2% earnest money and the added bonus of if there are issues with getting materials to contact me because I work for one of the biggest hardware suppliers in the US. Basically I can get 99% of what you need to build a house at cost. So our offer expired today at 5:00pm. We nor or agent heard anything back. At 5:30 the listing agent sent a text saying the builder had an emergency and wasn’t able to review your offer until now, your offer was the only “official offer”. At 6:35 our agent calls us and says the builder has accepted a “verbal” offer that he received this afternoon (after the deadline) that wasn’t contingent on selling a house. But says if they don’t receive the paperwork, they’ll accept our offer.
Has anyone heard of someone not accepting an official offer on a home? I have my theory as to why this is, but to me it’s insane. I get it’s a sellers market, but I’d think you’d take the official offer over a verbal one.
Wife and I put an offer on a house being built yesterday before the 5:00 deadline. Over asking with 2% earnest money and the added bonus of if there are issues with getting materials to contact me because I work for one of the biggest hardware suppliers in the US. Basically I can get 99% of what you need to build a house at cost. So our offer expired today at 5:00pm. We nor or agent heard anything back. At 5:30 the listing agent sent a text saying the builder had an emergency and wasn’t able to review your offer until now, your offer was the only “official offer”. At 6:35 our agent calls us and says the builder has accepted a “verbal” offer that he received this afternoon (after the deadline) that wasn’t contingent on selling a house. But says if they don’t receive the paperwork, they’ll accept our offer.
Has anyone heard of someone not accepting an official offer on a home? I have my theory as to why this is, but to me it’s insane. I get it’s a sellers market, but I’d think you’d take the official offer over a verbal one.
