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We have had our house on the market for three months. 57 showings! 3 offers. Twice we accepted the offer and the buyers said they changed their minds. They changed their minds within hours of making the offer? What is that about? Why are they bothering to make offers if they are not serious?
We have had our house on the market for three months. 57 showings! 3 offers. Twice we accepted the offer and the buyers said they changed their minds. They changed their minds within hours of making the offer? What is that about? Why are they bothering to make offers if they are not serious?
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,831,906 times
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Maybe they changed their mind.
Maybe they thought 'They accepted so fast, we should've bid lower, but since they've already accepted, if we bid a lower offer, we'd look stupid or arrogant, or perhaps they would think we were assuming they would go even lower, which they won't, unless they would, but we are too embarassed to ask, because they might be offended, and of course, we've already made an offer."
Who know what another person thinks, besides Ms. Cleo?
Wow 57 showings is great. 3 offers is fantastic. Your agent needs to be finding out why two people backed out without even getting to the home inspection?? That is really weird. I've never seen a buyer do that after accepting an offer. After a home inspection or financing, yes, but to accept and then terminate is bizarre.
Maybe they thought 'They accepted so fast, we should've bid lower, but since they've already accepted, if we bid a lower offer, we'd look stupid or arrogant, or perhaps they would think we were assuming they would go even lower, which they won't, unless they would, but we are too embarassed to ask, because they might be offended, and of course, we've already made an offer."
Who know what another person thinks, besides Ms. Cleo?
My wife...that's who.
We accepted the 3rd offer on one, who then decided they weren't sure what town they wanted to live in. The 2nd buyer made two offers, we accepted the 2nd offer (six days later). Our realtor hasn't heard anything. So both of the buyers had to up their bid, which they did. This makes no sense to me. We looked three times at the house we liked, made an offer, it was accepted, and deal was done.
I just don't understand why anyone would bother to make an offer in this market if they aren't serious. It's not like houses are flying off the market.
Once the seller accepts a written offer, isn't there a binding contract? Are they using some contingency (like "attorney approval")? If they do that they have to have a reasonable basis for that, I think (here in NY anyway). Or are they forfeiting their earnest money?
I think that's weird. When we made an offer and it was accepted, we didn't feel that we had the right to just 'walk away' without at least a good reason.
Here if you sign a contract (i.e., accept an offer, in writing) the seller can sue you for specific performance.
My wife and I backed away of two verbal offers... and both were from the same reasons-property tax. Both listsings never accurated listed the amount of combined school and local taxes. When we figured out the amount we immediately backed away from both deals. It may not be the same in your case. In NY property tax can add an additional $800-$1000 on top of your monthly MI.
From a buyer's POV... Just had to totally walk away from offering on a house due to the seller's or their agents trying to play the "oldest trick on the book" by saying they had an offer few days ago and is waiting for our offer to see what we are going to bid (trying to get a higher price I guess).
Come on, its 2011 and they are going to make us bid higher? Hell no way... buyers are not stupid in 2011! It's a buyer's market and I am moving forward to the next house... why waste my time on this one?
Maybe that is why the house did not sell for close to a year... problematic dishonest agent / seller!
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