I put an offer in to buy a home today & my realtor has been trying to get an answer from the listing agent?

Question

The listing agent tells my realtor that the sellers haven't gotten back to him yet, but that we are the only offer right now. We offered asking price, but we need $5,500.00 in concessions..so technically we offered $114,500.00 on a home listed at $120,000.00. We really want the home. We were told that the sellers declined 2 previous offers of 100 and 105.. the bank is about to take the home from them so would you think they'd have accepted our offer by now? Can they be waiting for other offers to come in before giving us an answer? I know a woman was there today writing up an offer, but that she hasn't put it in yet, probably because today is Sunday.

there was a question, it was since the bank is about to take their home , do you think they'd have accepted our offer by now or do you think they're waiting for other offers?

Answer 1

Your Realtor "should" have put a "deadline to repy" on YOUR
offer. It would have been as simply as typing the following in
an addendum: "This offer is valid until Monday, October 22, 2007." (Some real estate contracts include such a clause).
That way ... the Sellers have a limited time period in which to
respond to YOUR offer.

However ... Even if your offer DID include such a clause ... If
the property is within some type of foreclosure process; Then
it is possible THAT would cause a delay.

Your Realtor needs to contact the Listing Agent to ask for a
"Status Update" on YOUR OFFER. That should clarify what
exactly is going on. I (also) know that some banks will tell
you (up front) that they "stock pile" or hold on to ALL offers
until they get one that they like. (I live in Michigan).

Finally, I usually give the Seller 24-48 hours in which to respond. A "good" Listing Agent will want to verify the status
of your Pre-Approval ... and most times that CAN NOT be
done on a weekend. If your offer was submitted today (on
a Sunday) ... it is NOT unreasonable that you HAVE NOT
gotten a respond yet ... Especially if the property is Bank owned .... OR in the foreclosure process ... That means that
because of technicalities of the situation ... Your offer will
not even be "processed" until regular working hours.

If the Listing Agent is NOT responding to queries from YOUR
agent AFTER repeated attempts ... Then YOUR agent should
contact the Listing Realtor's Broker.

Hope that this is helpful.

Answer 2

It sounds like they are waiting to see whether that next offer will beat yours. To avoid this next time make you offer only good for a certain amount of time. Give them 48 hours to respond for instance. It is a technique that can give you the upper hand because it forces them into a quick decision. Please dont listen to one of the previous posters that said that a home should not be an emotional decision. Yes there is a business side to a home purchase but if you plan on living in this home than you need to endulge your emotional side or it will always feel like a house and never a home. If you submitted your best offer you should just be patient and wait for there response.

Answer 3

If there was another realtor there today writing an offer, of COURSE the sellers are waiting to see what it is. Why would they accept your offer if they know another is coming in soon ? And it is entirely possible, if 'your realtor' is not a buyer agent for you, that your realtor has advised the seller's agent that you REALLY want the home.

Answer 4

How should we know?

Either they will take it or they won't. If they don't it was not meant to be. A house should never be an emotional decision. If this one falls through, there are many many more out there.

Answer 5

I'm sorry, your story is interesting, but there is no question. Or they are rhetorical questions.

They may be waiting for other offers, or they may be in the mountains for the weekend...

Be patient, have faith, things will work out.

Answer 6

the sellers have 48 hours to reply to your offer I believe that was your question