|
02-04-2009, 02:30 PM
|
|
Junior Member
|
|
Join Date: Feb 2009
Reputation: 10
|
|
Real Estate Question in Cola
As a reader I know a lot of real estate folks post here. I have a question. During a multiple offer scenario for a foreclosure we were out"bidded" by one party. We are now second in line. Do we have any recourse in terms of offering to best their bid or do we have to wait and see if anything falls through while they ratify, finance, inspect, etc.? We really really wanted the house so we basically want to know if we have any options to still get the house, other than "wait and see what happens."  Thanks! |
|
02-04-2009, 03:12 PM
|
|
Real Estate Agent
|
|
Join Date: Jul 2008
Location: Columbia, SC
284 posts, read 179,324 times
Reputation: 43
|
|
|
Not knowing the entire situation, I will say this. I have been in a few multiple offer situations already this year. The bank asked for highest and best offers as their counter on all three. Two times we were not the highest or best offer for the bank, so they rejected our offer on two. We asked for something in writing to say that the bank had rejected our offer in order to keep things clean and so myself and my client could move on to the next property.
Was your offer rejected, or is your offer being held as a back up offer? If they have accepted the other offer, then you just have to wait and see what happens in most cases. If they have yet to accept an offer, then you may be able to make a higher offer and still get the house. You should ask the listing agent, or your agent if you have one, whether or not an offer has been accepted on the house that you speak of and if you can add to the previous offer in an effort to still obtain the property.
|
|
02-05-2009, 09:45 AM
|
|
Realtor
|
|
Join Date: Aug 2007
Location: Columbia, SC
3,531 posts, read 2,192,380 times
Reputation: 1153
|
|
Quote:
Originally Posted by jlboney
You should ask ... your agent
|
This is excellent advice and I agree with it. If you don't have an agent, now would be a good time to go find a good buyer agent. It doesn't cost you anything since commission is paid by the seller. |
|
02-06-2009, 09:47 AM
|
|
Senior Member
|
|
Join Date: Apr 2008
1,047 posts, read 449,444 times
Reputation: 361
|
|
Quote:
Originally Posted by Brandon Hoffman
It doesn't cost you anything since commission is paid by the seller.
|
Well, the cost is passed on to the buyer, no doubt. |
|
02-09-2009, 06:43 PM
|
|
Realtor
|
|
Join Date: Aug 2007
Location: Columbia, SC
3,531 posts, read 2,192,380 times
Reputation: 1153
|
|
Quote:
Originally Posted by Captain Worley
Well, the cost is passed on to the buyer, no doubt.
|
Nah, do for sale by owners ask for less than the comps because they aren't paying commission? Are homes appraised for more based on if there is a commission or how much commission is? |
Please register to post and access all features of our very popular forum. It is free and quick.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
|
|
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Linear Mode
