are we being played by our agent?we put an offer..?

Question

we put an offer on a condo - it was 10k less than original price- the seller's counter offered. we met their request - $6k higher but still under original listing price. our agent was about to write up contract when a third party came in with ANOTHER offer (but we have no way of knowing if it is higher than ours or not) we at that point were told to offer our strongest and best offer by noon the next day- the seller would decide then. we upped our offer to the original listing price of the condo. it is past noon and now we are being told that we won't know until tonight if our offer is accepted. is this all normal for buying a place? we feel like if the seller's counter offered and we accepted, why are we still playing this game?

Answer 1

You are negotiating - the seller can accept another offer, or negotiate with other people while you are negotiating. The only obligation they have to you is to be honest about the status of the negotiations.

The counter offer they made to you MAY have been what we call a "multiple counter offer" which means that the offer (or one like it) is being made to more than one prospective buyer and your acceptance does not necessarily guarantee you the home. The final decision at this point is with the seller, and they can make that decision today, this evening, tomorrow - whenever they want, as long as they do not violate the contract. They run the risk that they might lose an interested party - but at this point it appears that they can afford to...

They have probably made a counter offer to another party at a higher price, or better terms and are trying to work it out with them before telling you NO. In this situation the only thing you can do is put your best offer on the table and prepare yourself for the possibility of another round of house hunting.

Answer 2

You have a key word in your statement. ABOUT! Obviously someone else was inters ted in purchasing the condo also, You will not know if the bid is higher than yours its the name of the game when bidding on a house. Your agent is correct in telling you to bring your best and strongest offer. The seller now has two offers on the condo and depending on the conditions of the contract he and his agent will decide what is in the best interest of the seller. In your contract there is a clause that give a time for the seller to respond to your offer--check this out. This is no game it is called NEGOTIATION.

Answer 3

unfortunately, until all parties have signed on the purchase contract, it is NOT a contract. someone CAN make an offer, as was done in your situation.

it is in the listing agent's best interest to instruct the seller to only work with one offer at a time to keep them out of harm's way. but, if a better offer comes along, the sell may take that one!

i wouldn't think that the agent is 'playing' you, but then again there are all types out there!

good luck in your situation!!

Answer 4

no, you are not being played. your agent would not allow that to happen to you. if your agent knows what "agency" means, if s/he is a buyer's broker, then just don't worry.

there are many reasons that a seller would take one offer over another. e.g., say two buyers offer the same price. one buyer has 20% down and the other has 10% down. the seller thinks buyer no. 1 is stronger.

e.g., one offer calls for a quicker closing than the other. the first will win.

e.g., one buyer doesn't make it difficult for the seller to give over possession. he does not demand much more than he must pay to the bank each day for his loan. but buyer 2 demands double his PITA (principle, interest, taxes & assessments) + a holdback of the proceeds at closing that will force the seller to walk out of closing with less than he needs to buy his next place. buyer 1 will win.

e.g., buyer 1 provides a letter by his lender, called a "preapproval letter," not just verbal "prequalification." this says that at x%, amortized over y years, the buyer is approved for a mortgage in the amount of $z.zz per month, which translates into a sales price of so much, with taxes being no more than blah blah blah. a prequalification really says nothing. so if you do not have such a letter, get one immediately. or, since time is so short now, give your lender permission to state the preapproval terms to the seller over the telephone.

i DO hope that your agent did not begin showing you anything until you sat down with your lender!!! that is always the first step, and as for me, i learned when i was a greenhorn to NEVER waste my time without knowing at least how much the buyer could get!

here, i think this may help you: if you have the ENTIRE amount of earnest money now, make the check out for that amount, not only $1,000 to be raised to 10% (whatever) of the purchase price within x number of days after date of acceptance of contract.

that one strategic move makes you look so strong that i do not understand why more agents do not think of it immediately.

i hope this is the right home for you. if it is, put strategy to force for you and get the thing. (nothing is against ethics or laws for the seller to consider another offer before he signs either, or to look at both the same time--but it would not be right to sign BOTH of the offers just to see who will put their initials into his changes. it would be better, if he doubts the contract he chooses, to have his listing agent continue to show the property and to accept "back up" offers only).

it's scarry enough to be a first time buyer. your agent owes you his/her experience making deals to make your offer into a contract, since you have a lot of other things to worry about. i apologize for the wordiness of this answer.

good luck!!!

Answer 5

If the seller counter offered and you accepted in a timely manner....Your offer should stand......However, I have been in the highest and best offer position (terrible position by the way!...I feel your pain!!) If this is a Repo or a short sell or anything to do with a relocation company or lender......They often times have their own rules (so it seems) and you have to play by their rules......There is no way your agent is pulling your leg on this one..Your agents wants her commission as bad as you want the house and Realtors DON'T like to make additional work for themselves...So listen to her and take her advise and good luck to you..ss

Answer 6

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