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Should I return to a withdrawn offer?

Started by Andes
over 8 years ago
Posts: 3
Member since: Sep 2016
Discussion about
Hi, I (the buyer) withdrew an offer from an accepted offer and now I want to give it a second consideration. I know it sounds very bad, that is, if I were the seller, I wouldn't want an "old flame". This apartment went into a bidding war and I didn't have time to check everything before submitting my numbers. Once I won the bidding, I was able to get the financials (unavailable before) which raised some questions in me. Given the pressure to move forward or not, I told the seller I wanted to withdraw. But now I start to doubt if I was just being too sensitive about the financials, as the apartment is great in everything else. Can I go back to the seller and ask for a re-consideration? Is it recommended?
Response by 30yrs_RE_20_in_REO
over 8 years ago
Posts: 9877
Member since: Mar 2009

If you went into a bidding war and withdrew, but the unit is still available, then it sounds like either all the other bidders withdrew as well (possibly for the same reasons as you did) or never existed to begin with.

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Response by 300_mercer
over 8 years ago
Posts: 10560
Member since: Feb 2007

If it is still on the market, why not? Your broker should be able to work with the seller's broker.

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Response by TeamM
over 8 years ago
Posts: 314
Member since: Jan 2017

FWIW, I would strongly considering talking to a trusted friend or advisor before doing anything further. Sounds like you have deal heat if you are trying to justify away problems with the financials. I would suggest getting the advice of someone you trust and who has your best interests in mind.

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Response by 300_mercer
over 8 years ago
Posts: 10560
Member since: Feb 2007

TeamM has a good suggestion. Aside, is there any thing in the financials which bothers you? Long overdue maintenance payments from shareholders will bother me a lot. Low cash not so much for expensive manhattan apartment as it can be easily fixed with assessment. Just get a financing and funding contingency. Naturally you can lower your price to account for poor financials.

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Response by JR1
over 8 years ago
Posts: 184
Member since: Jun 2015

Yes absolutely. The sellers must be desperate now. Love it when "talk of multiple offers" turn out to be false. If they were real it's even worse if everyone backed out.

So yes, def return to the offer. Lower your offer price this time. Hire a buyer's broker who will give you good advice and discreetly give you a closing costs to further lower your basis. Hauseit is a good place to get started, they work with some pretty top tier firms that offer "private label" discounts.

Remember, nothing is binding until a contract is signed. None of it is real until you sign!

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Response by JR1
over 8 years ago
Posts: 184
Member since: Jun 2015

* typo ... discreetly give you a rebate to cover your closing costs to further lower your basis.

Good luck!

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