Multiple offers used to happen in neighbourhoods of demand with very little inventory; more bidders than homes available. Today it’s a very common experience. In fact, it seems to occur at every single transaction in every single “hood” at least on the first couple of entry levels. It is an emotional roller-coaster for the buyers, where “money” talks. Conditions are wiped off and the elected winners are left thinking: Did I pay too much?
A more serious problem arises when applying for the mortgage on a firm transaction. You better have everything in your life 100% clear or you may face legal consequences if you can’t fulfill the promise to buy. The same goes for the condition of the home, since now you don’t have any protection from a home inspection. I hope that your initial inspection with your agent left you with complete confidence as to the condition of the home. I hope that you have enough savings to cope when the unknown surfaces.
Above all I feel for all of you, my dearest “first time buyers”. Not only do you have to deal with all the fears of such a financial commitment but now you have to buy in a rush; no time for thinking or sleeping on it, no time to make sure if it is the right home for you.
