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Updated over 8 years ago on . Most recent reply

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Luke Mike
  • Norcal
3
Votes |
26
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2nd Escrow?

Luke Mike
  • Norcal
Posted

Hey there,

I recently went into escrow on a property, and decided to cancel it after a few days. I thought I could find a better cashflow property around town.
Now, a few days later, I regret my decision. Looking back at the numbers, I made some adjustments based on better estimates, and they look great.

- Do I even have a chance to put another offer in? I canceled the previous escrow

- If I have a chance, how can I make my offer stronger without a compromise on price? 
Maybe a shorter inspection contingency?
Maybe an "as is" offer?
A letter explaining why I regret my decision?

Most Popular Reply

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Mindy Jensen
  • BiggerPockets Money Podcast Host
  • Longmont, CO
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Mindy Jensen
  • BiggerPockets Money Podcast Host
  • Longmont, CO
ModeratorReplied

@Luke Mike , are you represented by an agent other than the listing agent?

You won't know until you try. I'd write the offer up again, and resubmit. If it isn't under contract, they may accept, they may reject outright, or they may renegotiate the contract. 

Since you have already canceled one contract, they may be leery of your canceling again. Did you perform an inspection the last time? Is there anything you can waive to make it a stronger offer? I don't recommend waiving inspections if you're a newer investor. 

Are you a cash offer? 

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