Real Estate

Second Offer on Same Property

  • Last Updated:
  • Jun 10th, 2020 9:25 am
Deal Fanatic
User avatar
Jan 27, 2007
5115 posts
984 upvotes
T.

Second Offer on Same Property

Hasty decision made and buyer did not remove condition, buyer and seller signed mutual release.

Is it possible to go back in with same condition again at same or lesser price?
7 replies
Deal Addict
Sep 2, 2009
2973 posts
3013 upvotes
Ottawa
Technically, you can make whatever offer wanted. Doesn't have to be accepted.

Whether it's accepted or not. What condition? Why wasn't it met? Time elapsed since mutual release. Etc...
Deal Guru
Mar 27, 2004
10491 posts
8999 upvotes
Toronto
dutchca wrote: Hasty decision made and buyer did not remove condition, buyer and seller signed mutual release.

Is it possible to go back in with same condition again at same or lesser price?
Are you the buyer?
more context
Full-time Realtor
Deal Fanatic
User avatar
Jan 27, 2007
5115 posts
984 upvotes
T.
Close friend.

Rec property with questionable install of sewage holding tank. Offer cond. on seller providing proof of permit with local Health Unit. Seller could not provide proof. Buyer and seller signed mutual release. Same day buyer has remorse says they still want prop as "its only a holding tank" costs only $5-$10k and we are talking $600k property. Wondering if still can go back and make similar offer since prop back on market.
Deal Guru
Mar 27, 2004
10491 posts
8999 upvotes
Toronto
If I was the seller, the offer better be clean and you have bank draft in hand.

Wait for the seller to provide the permit first.
Full-time Realtor
Member
Oct 21, 2013
305 posts
161 upvotes
waterloo, on
Why would you do that ? If conditions due to which first deal didnt go through, are still same, why do you think it will go through now ? At a even lower price ?
Last edited by DealsFreak on Jun 9th, 2020 3:14 pm, edited 1 time in total.
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Deal Addict
Sep 2, 2009
2973 posts
3013 upvotes
Ottawa
dutchca wrote: Close friend.

Rec property with questionable install of sewage holding tank. Offer cond. on seller providing proof of permit with local Health Unit. Seller could not provide proof. Buyer and seller signed mutual release. Same day buyer has remorse says they still want prop as "its only a holding tank" costs only $5-$10k and we are talking $600k property. Wondering if still can go back and make similar offer since prop back on market.
Sounds like: get 3 good quotes. Not just "its only a holding tank". (Lots of other work and other considerations goes into "just a holding tank".)

With an average of the three (even the highest), make another offer without the condition of the permit but with the lower -justifies- price for replacement. Possibly won't but at least it shows that it is "no longer a concern".

Ignore the above if no inspection was conducted before the mutual release. Because removing the tank condition means little if you keep the other conditions that haven't been inspected yet.
Deal Addict
Nov 16, 2011
1535 posts
1256 upvotes
Hamilton
There would be nothing from preventing any offer from being made by the same person with the same conditions at a reduced price.

He may need to find a new real estate agent as his credibility with the current agent may have taken a hit.

Same as there would be nothing stopping the vendor from ignoring or tearing up the offer and continuing the search for a someone they feel is more serious or more credible.

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