Can you accept 2 offers on a house?

Yes, a seller can accept multiple offers on a house, but they can only have one legally binding contract at a time, meaning they can accept several offers and put buyers in a "backup" position or encourage a bidding war (highest and best), but once a buyer signs a purchase agreement, the seller generally can't accept another offer unless the contract has specific clauses like a "kick-out clause" or is in a specific review period (like attorney review). It's common for sellers to receive multiple bids and then invite buyers to submit their best and final offer, but only one can become the final sale.

Can a seller accept two offers?

Once a purchase agreement is signed, the seller is no longer free to market the property, entertain new offers, or accept a better deal—unless the contract specifically allows it. These agreements are legally binding, and both parties are expected to follow through on the terms.

What is the 3 3 3 rule in real estate?

Three months of savings, three months of mortgage reserves, and three property comparisons give you confidence and flexibility. When you follow the 3-3-3 rule, you're not just buying land, you're building a plan that could protect your investment, your lifestyle, and your financial health.

What salary to afford a $400,000 house?

To afford a $400k house, you generally need an annual income between $90,000 and $135,000, though this varies by interest rates, down payment, and debt, with lenders often looking for housing costs under 28% of your gross income (28/36 rule). A lower income might suffice with a large down payment or higher interest, while more debt requires a higher income, potentially pushing the need to over $100k-$120k+ annually. 

What happens if there are two offers on a house?

Sellers can accept the “best” offer; they can inform all potential purchasers that other offers are “on the table”; they can “counter” one offer while putting the other offers to the side awaiting a decision on the counter-offer; or they can “counter” one offer and reject the others.

When a Home Seller Receives Multiple Offers, DO THIS!

What is the 3X house rule?

The 3X annual income rule

Another shorthand strategy is to cap your total mortgage at three times your salary. According to this guideline, if your household income is $80,000, you can afford to spend up to $240,000 on housing.

Should I accept a gazumping offer?

Accepting a gazumping offer carries other significant risks. For example, it is common for someone who gazumps to gazunder – reduce their price at the final moments. After all, someone who gazumps has already shown that they are not worried about upsetting others…

How much house can I afford if I make $70,000 a year?

With a $70,000 salary, you can generally afford a house between $210,000 and $350,000, but your actual budget depends heavily on your credit score, existing debts, down payment, and current mortgage rates, with lenders often following the 28/36 rule (housing costs under 28% of gross income, total debt under 36%). A good starting point is keeping your total monthly housing payment (PITI) under $1,633, but a lower Debt-to-Income (DTI) ratio and larger down payment increase your buying power. 

Can I afford a 500K house on 100k salary?

You might be able to afford a $500k house on a $100k salary, but it will be tight and depends heavily on your existing debts, credit, down payment, and location; the general guideline (28/36 rule) suggests your total housing costs (PITI) should be around $2,300/month, while some scenarios show you'd need closer to $117k-$140k income or have very little left after housing, taxes, and insurance. 

What credit score is needed for a $400,000 mortgage?

Credit score requirements to buy a $400,000 house depend on the type of home loan. FHA loans require a minimum credit score of 500, whereas borrowers usually need a 620 credit score to qualify for a conventional mortgage.

What is a red flag when buying a house?

Red flags when buying a house include visible issues like foundation cracks, water stains, mold, musty smells, poor DIY renovations (crooked cabinets, cheap finishes), and neglected yard, signaling hidden problems with structure, drainage, or maintenance, plus neighborhood issues (many "For Sale" signs, busy roads) or unclear seller reasons for moving, all pointing to potential costly repairs or future headaches. Always get a professional inspection to uncover issues with the roof, electrical, plumbing, and structural integrity before buying. 

Can I afford a $300 k house on a $70 k salary?

If you're an aspiring homeowner, you may be asking yourself, “How much house can I afford a with $70K salary?” If you make $70K a year, you can likely afford a home between $290,000 and $360,000*. That's a monthly house payment between $2,000 and $2,500 a month, depending on your personal finances.

What is the lowest commission a realtor will take?

Traditional agents usually earn somewhere between 2.5 or 3 percent of a home's sale price, meaning the more the home sells for, the more they earn. Low-commission Realtor fees, on the other hand, can be as low as 1 or 1.5 percent.

What decreases property value the most?

The biggest property value decreases come from major deferred maintenance (like a bad roof/plumbing), poor location/neighborhood factors (bad neighbors, noise, proximity to negative sites like sex offenders), and outdated/poorly done renovations, especially in kitchens/baths, plus a lack of modern appeal, with factors like water damage, bad layouts, and poor curb appeal also significantly hurting value.
 

What is the biggest mistake a real estate agent can make?

One of the biggest mistakes we see real estate agents make is shooting from the hip when it comes to marketing their business. By that we mean that their marketing efforts are spontaneous, or reactive. They know marketing is important, so they try things, but there's no intention, planning or strategy.

How to win a house with multiple offers?

To win a house with multiple offers, make your bid financially strong (cash, higher earnest money, appraisal gap coverage), financially clean (limit contingencies like inspection/financing), and strategically appealing (offer seller flexibility like a leaseback or fast closing). Work with an experienced agent to understand the seller's "hot buttons" and submit your best, most comprehensive offer upfront, as lowballing often fails in competitive markets. 

What salary to afford an $800000 house?

To afford an $800,000 house, you typically need an annual income between $200,000 to $260,000, depending on your financial situation, down payment, credit score, and current market conditions.

Is renting better than buying?

Renting is often better for flexibility, lower upfront costs, and avoiding maintenance hassles, making it great for short-term needs or mobility, while buying builds equity and offers long-term financial stability, but requires significant capital and responsibility for upkeep; the best choice depends on your life stage, financial situation, and long-term goals, with renting usually more affordable monthly in today's market, notes Bankrate and Fox Business. 

How does my credit score affect my mortgage?

Your credit score significantly impacts your mortgage by determining your eligibility, the interest rate you'll pay, and the overall cost of the loan, with higher scores leading to better approval odds, lower rates (saving thousands), and more favorable terms, while lower scores signal higher risk, potentially resulting in denial or much higher, costlier loans. Lenders use your middle FICO score from three bureaus to assess risk; a good score (e.g., 740+) gets best rates, but even scores below 620 can qualify for some loans (like FHA), albeit at higher costs. 

How much loan can I get on a $70,000 salary?

Based on a monthly salary of ₹70000 and assuming no existing financial obligations (like ongoing EMIs or outstanding credit card dues), you may be eligible for a home loan amount of approximately ₹34.51 lakhs. The interest rate could range between *9.25% and 15% or higher, with a loan tenure of up to 180 months.

Is 70K a year good in Canada?

The average salary in Calgary is $64,600, which is 18.6% higher than the Canadian average salary of $54,450. A person making $70,000 a year in Calgary makes 8.4% more than the average working person in Calgary and will take home about $54,246.

How much can I borrow a home loan?

How much you can borrow for a home loan depends on your income, credit, existing debts, and down payment, with lenders often using the 28/36 rule (max 28% of gross income for housing, 36% for all debt) or a higher Debt-to-Income (DTI) ratio (around 43%) for qualification, though factors like loan type (FHA, VA, Conventional) and interest rates significantly affect the final loan amount, so using an online affordability calculator and talking to a loan officer is key. 

What is the hardest month to sell a house?

The hardest months to sell a house are typically January, December, and October, due to cold weather, holiday distractions, post-holiday financial fatigue, and people waiting for spring for school schedules. January often sees the lowest activity, longest time on market, and lower prices, making winter the slowest season overall. 

What is the 6 month rule for property?

The rule requires the buyer's solicitor to inform the lender when a seller is attempting to sell the property when the seller was registered at the land registry less than six months prior to the agreed sale. The lender will not usually lend in that case.

Do estate agents dislike gazumping?

Estate Agents and Gazumping

Most estate agents will say however that they do not encourage gazumping and they may even have an anti-gazumping policy. Unfortunately, the situation can be complicated. Estate agents cannot stop gazumping even if they want to.