I put an offer on a condo that was original selling for 289,000. It has been on the market for 4 months. They have reduced the price to 249,000. My offer was for 225,000. When I put the offer in they told me that they told my agent that they had no other offers. I got a call from my agent today saying that the seller's agent said he was suppose to be getting another offer today. The Sellers agent also said that the offfer that I had made was low and they where open to me raising my offer. But my agent said that they did not reject my offer yet. What is going on and what should I do??
2007-09-06 08:09:54 · 5 answers · asked by Meyonce 1 in Business & Finance ➔ Renting & Real Estate
the normal response would be a counteroffer from the seller if they felt that your initial offer of $225,000 was too low. Most offers have an expiration time limit, if not accepted or countered within 24 - 48 hours the deal dies and the buyer walks. Same with the sellers, they can counter with a higher offer and if you dont' accept within the time frame the deal dies again. If the buyers were waiting on another offer, chances are they are hoping that the next offer will be higher.
I've seen this done, the agent for the other buyers will ask if there's been any offers and the sellers agent will tell them yes and it will encourage the second buyers to come in higher than your bid if they want to really buy the place. It's then up to the seller to chose which offer they ultimately want to go with. They will always play one buyer against the other in hopes that the final selling price is high so they get a good commission some play games and some don't. when I sold my condo, the first day it went on the MLS I had 12 visits and by the COB that day I had 5 offers, however, an agent showed up around 9 pm at night with clients to view the condo and I happen to be on the phone with my father (a Realtor who was handling the sale) and the agent asked if he'd received any offers, his answer was yes, five of them. they then asked what they would need to come in at if they were to be even considered and he told them, the amount he quoted was $6000 over my asking price just over the last offer I had received. They put in an offer at $6000 over my asking price, and since the deal was good with no contingencies, I accepted and they bought it. It's just the way things are done sometimes.
If you have submitted an offer thru your agent and you haven't heard anything within one week, I'd walk away from the deal. Trust me if they are messing you around this much on simply the offer, there is still the closing, inspection, title work, etc you still have to go thru that they can cause you serious headaches on.
2007-09-06 08:39:10 · answer #1 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
first of all the sellers agent is bound by duties owed to submit ALL OFFERS to the seller. The sellers agent just may well have another offer on the property- the sellers agent (if offer was presented) should come back to you as the buyer with a counter offer. Perhaps you need to speak with your agent (he should know this stuff) and call the other agent. Counter offer is now the name of the game if the seller has the contract in hand.
2007-09-06 15:25:04 · answer #2 · answered by sylviavnpttn 5 · 0⤊ 0⤋
Most likely the seller is ignoring your offer. It's a common tactic if the seller feels "insulted" by a low offer.
Offers have a time limit on them and expire automatically as noted in the offer. After that the seller is free to entertain other offers.
2007-09-06 15:16:09 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If they truly didn't have another offer, they would have just sent a counter offer at a higher price.
They're ultimately just trying to get more money out of someone. Your offer probably was a little low - so you're either going to have to wait it out and hope the other offer was low as well, or you can raise your price and tell them to accept before viewing the other offer.
I'd suggest looking at another condo if you're not willing to pay more money for this one.
2007-09-06 15:15:37 · answer #4 · answered by Roland'sMommy 6 · 1⤊ 0⤋
it's part of the game, the owner at this point is not even willing to go half between your offer and the asking price,
since your offer was not the asking price they do not have to reject or accept at this point but leave it out there, and wait to see if they get other offers,
2007-09-06 15:25:42 · answer #5 · answered by goz1111 7 · 0⤊ 0⤋