We offered a price on a house then they counter offered, we came back with another offer, now our realitor said somebody else put a contract on it too. How is that possible when we were in negotiations? I'm already confused about the whole process, can somebody explain it more?
2007-12-31 05:26:10 · 9 answers · asked by linzgail82 1 in Business & Finance ➔ Renting & Real Estate
Yes, Acermill is correct about "leaving you out in the cold", the correct terminology is: you were bumped! My opinion only... is the new offer that much higher? Would you want to "bump" someone if the agreement is so close to acceptance? Would you take the chance of ticking off the buyers you are currently working with? What if the "new" offer falls through later in the process? And you wanted to call the original buyers back, would they want to work with you...again, with the thought that what if they do it again? It's all part of the process. In this market, if you have a solid deal, I would say accept and be done with it. States like California, Nevada and Florida are still taking a hard hit compared with other parts of the country. (just home sales-not to be confused with the foreclosure #'s). I hope this helps. Hang in there. Some car salespeople "drag out" the process, and it takes sooo long, that they just want you to say, "alright already, I'll take it" & the profit goes up. As a buyer, you make the offer. No one is forcing you to buy. I don't care if it's a home, a car, furniture, services (car repair, carpet shampooing, new windows, siding, doors, etc...) or what ever. This may be hard to hear when buying a house (especially for the first time) but: DO NOT MAKE A DECISION BASED ON EMOTION, BASE IT ON FACT. I am a Realtor. I point out the positive aspects of a home. If the hardwood floors are glistining, I'll make the comment that the floors are GREAT, WOW! And I will NEVER try to "talk someone into buying" just so I can get paid. Here are the facts, the buyer makes the decision. I am here to give my guidence and knowledge of the real estate process and the area. By the way, if someone quotes you on new siding, windows, etc...and it seems high (get at least 3 quotes) tell them to quote it again on "time and materials". You might be surprised!
P.S. I disagree with the above answer, that the seller holds all the cards. There are "a lot" of homes to choose from. Again, if you don't get what you want and are not emotionlly attached---move on to the next one!
2007-12-31 08:51:08 · answer #1 · answered by wannabuildaboatguy 3 · 1⤊ 0⤋
When you are in 'negotiations', as you call it, anyone else can put an offer on the property, and the seller can accept same and let you out in the cold. There is no 'first in line' with regard to real estate purchases UNTIL you have a signed and accepted offer to purchase/purchase agreement.
You are now not the only game in town. You are bidding against another buyer as well.
2007-12-31 07:00:28 · answer #2 · answered by acermill 7 · 1⤊ 1⤋
the house has not been sold only an offer to buy so yes it can be done but watch your Realtor most are scum and do these things to scare you out of bargaining and paying the offered price to make their commission
2007-12-31 05:41:10 · answer #3 · answered by imnickdell 4 · 0⤊ 1⤋
A negotiation will be binding only when there is a contract or an agreement. In the absence of a written aggreement there can be a breach of it. A dealer has every right to sell the property for any one who offers more. But if a legal agreement is signed between the buyer and seller, if it is genuine then it will be a valid contract, and contravening it will attract penalty.
2007-12-31 05:36:03 · answer #4 · answered by chidambaranathan 2 · 1⤊ 0⤋
Depending on the demand, yes, it's possible.
It's similar to going to auction.
However, it could also be a bluff.
2007-12-31 05:33:43 · answer #5 · answered by Goth Skunk 4 · 0⤊ 0⤋
Those are considered "Backup Contracts". The 2nd, 3rd, etc ,falls in line if the first one falls through, etc.
Until a contract is signed and accepted, the seller can accept any other.
This is why the statement, "Time is of the essence", meaning that it must be accepted or rejected within hours.
2007-12-31 05:32:06 · answer #6 · answered by ed 7 · 1⤊ 0⤋
The SELLER can accept all offers even during contract negotiations with you...they will take the best offer and you will NOT lose any money (even if you have a Earnest Deposit) on that house. You can use the Earnest Deposit toward another house, if your offer is not accepted. It's entirely up to the SELLER, not the buyer whether a contract is accepted. Good luck!
2007-12-31 05:32:03 · answer #7 · answered by Beach Girl 5 · 0⤊ 0⤋
The seller has the power really, they can choose to go with who ever offers higher, and they can do this until you sign a contract and they accept your counter.
2007-12-31 05:30:36 · answer #8 · answered by Brezzy 3 · 1⤊ 0⤋
The brokers understand that if there are too many counter supplies to the unique grant that the transaction will fall by way of. the supplier's agent isn't being honest to you or his supplier via being verbal. The verbal agreements won't upward thrust up and could be written in the counter. That suggested they could be attempting to artwork out a thank you to state it so as that it relatively is honest to the two events. be conscious that even however your agent has a fiduciary duty to you as his client, he additionally has fiduciary duty to the supplier. merely make helpful the two brokers exhibit what they are doing or you may back out of the settlement via affirming that your agent isn't ethical or ethical in the transaction.
2016-10-10 17:45:08 · answer #9 · answered by Anonymous · 0⤊ 0⤋