We made an offer on a property above the listed price, the only other offer was lower than ours, the property is being sold by a bankruptcy trustee, how can they not take our offer and want it listed still for a few more days? The offer was cash not contingent on financing.
2007-07-26 18:51:46 · 2 answers · asked by passionannie 3 in Business & Finance ➔ Renting & Real Estate
Any seller is never obligated to take any offer, no matter how much over the asking price is offered. The bankruptcy trustee is charged with getting as high a sale value for the property as possible. Since you have already offered more than the asking price, they are waiting to see if someone (or you) will offer even more.
I was recently involved in a brokerage attempt in a similar situation. The property was listed for $175,000. I advised my client that the property was seriously underpriced and he agreed to offer $190,000. The offer was not immediately accepted, and the eventual sale price was $195,000, to a different buyer.
2007-07-27 03:41:50 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
You want the South Dakota Real Estate Commission, but, for some strange reason you have to sign up to get onto that state's Web site. Very strange.
Anyway, I know of no real estate laws that dictates what offer anyone has to accept. AFTER a contract is signed there are some binding issues, of course, but until that contract is signed, everything remains negotiable.
Money doesn't always talk.
2007-07-26 20:34:43 · answer #2 · answered by realtynewsman 2 · 0⤊ 0⤋