This is a true story even though it fully explains my point. When I was shopping for a house when we moved to Wisconsin, we found one we loved and made what we thought was a totally fair offer. In fact we offered to overpay and put in an escalator clause. We were turned down because someone else made an offer that was higher with no contingencies. I was upset because we really wanted the house. We were still searching 5 weeks later and had found some houses we liked quite a bit, but not as much as the first one, when our realtor called us back and said the other offer fell through and they would accept our previous offer.
What do you think we did? Were we obligated to give them that first offer? What should we have done?
I would have declined. Something similar happened to me with a car (not quite a house
).
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