Sometimes Parents Shouldn’t Help Their Children Buy a Home

This story begins with a young high tech home buyer who was looking to buy her first home.  She got pre-approved on her loan.  She was working with a great local agent and thus began her home search.  Her agent educated her about the home buying process.  They visited several homes and finally found her “forever” home and submitted a well written offer.  This is when things went a little sideways.

Since there was only one offer on the table, it looked like the buyer would get her home with a little negotiation.  However, as time passes there is no response from the listing agent.  The buyer’s agent checks in only to receive the dreaded news that another offer had come in from an out of area agent.  It was now a multiple offer situation.

With careful negotiation, the original buyer purchased her home.  It turns out that the second offer was submitted by the father of the original buyer.  The father thought that by submitting another offer, it would increase the odds that the seller would take one of their two offers.  This is one instance where a parent shouldn’t “help” their child buy a home.

If you have any questions or comments reach out to me at [email protected] or directly at 650 465-0755.  Until next time, Take care!