I bid on a home, FOR the asking price the seller requested, and the seller had three days to repond to the bid. (Mind you, I didnt bid low...I offered up fronttheasking price the seller wanted...the deal is through a realitor). It's day 3, comming down to the last minute, and now the seller isnt sure if he still wants to sell the home suddenly. Any legal action to take? Or just walk away!?
2007-07-31 07:26:05 · 7 answers · asked by crimsonblade80 1 in Politics & Government ➔ Law & Ethics
I bid on a home, FOR the asking price the seller requested, and the seller had three days to repond to the bid. (Mind you, I didnt bid low...I offered up front the asking price the seller wanted...the deal is through a realtor). It's day 3, comming down to the last minute, and now the seller isnt sure if he still wants to sell the home suddenly. Any legal action to take? Or just walk away!?
To clarify more: There are no other bidders, nor has there been any other showings or inquires on the house for the last month or so. The contact I have caims he's backing out due to financial problems, but he's owned the house for 30+ years, and is one of 20 homes he owns. I am offering more than twice what he paid for the home 30 years ago.
We believe he may be backing out due to the fact he knows there's an issue with the furnace they didnt disclose, and is afraid of possible (but unlikley0 implications.
2007-07-31 08:19:21 · update #1
While it is normal in business for a company to take the largest sum of money offered when multiple people are bidding on the same thing, when it comes to selling private homes, the sellers can choose to sell on the basis of which buyers they like the most, because they have some sentimental value tied up in the place they are parting company with.
They want a "nice" couple to take care of their place after they are gone, so they may decide to sell to other than the highest bidder.
Depending on how many different people are bidding on the place, maybe they cannot make up their minds in 3 days.
2007-07-31 07:38:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Just because the market stinks doesn't mean you'll get someone to take a 15 - 20% under bid. You can do it. They may counter-offer you. But they may not take you seriously. My advice is to offer around that 10% mark. Then when you're going through the home you can look at nickel/diming. They may say no. So maybe you will be better off shooting lower in the first place. Of course, if they say no ... you can always reoffer higher though. IMO it's like poker. You've gotta know what to play.
2016-05-19 00:23:07 · answer #2 · answered by ermelinda 3 · 0⤊ 0⤋
They do not have to take your bid. Someone may have bid above asking price during the 3 days, or maybe they just changed their mind. Either way, there is nothing you can do but look for another house.
2007-07-31 07:34:42 · answer #3 · answered by Michael C 7 · 0⤊ 0⤋
Nothing you can do but realtor probably owed commission.
2007-07-31 07:33:07 · answer #4 · answered by Anonymous · 0⤊ 0⤋
yes they can. Its their right to sell or not to.
Did oyu have a contract in writing that says they HAD to sell to you?
2007-07-31 07:30:54 · answer #5 · answered by smitty031 5 · 0⤊ 0⤋
talk to a lawyer. but in this market, just walk away and you can probably do better.
2007-07-31 07:30:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
what is a realitor?
maybe you should have used a realtor.
2007-07-31 07:33:13 · answer #7 · answered by Anonymous · 0⤊ 1⤋