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Scenario: A buyer's agent submits a first written offer to the listing agent. A counter offer comes back. The buyer & buying agent reject the counter offer. It's dead. They both move on.
A little later, the seller regrets the counter offer and wants another chance at the terms of that first offer. Can the listing agent contact that buyer's agent to see if his/her client will agree to the first written offer?
In the OP scenario, would the listing agent generate the written offer for the buyer? (That seems backward!). Or, does the listing agent ask the buyer's agent to re-initiate a written offer with the same terms?
Quote:
Originally Posted by DMenscha
It happens from time to time. Good luck on getting the buyer to not shave something off his original offer though.
That's another thing I am wondering if that happens. Maybe it's best for both the buyer and seller to just move on completely.
In the OP scenario, would the listing agent generate the written offer for the buyer? (That seems backward!). Or, does the listing agent ask the buyer's agent to re-initiate a written offer with the same terms?
That's another thing I am wondering if that happens. Maybe it's best for both the buyer and seller to just move on completely.
What happens is, the listing agent calls the buyers agent and tells them the seller has had a change of heart, wants to say if a new offer is made at the last countered price it will be accepted.
Buyers agent calls buyer, who will have either moved on and not be interested, or will be thrilled and agree to submit a new offer.
In the OP scenario, would the listing agent generate the written offer for the buyer? (That seems backward!). Or, does the listing agent ask the buyer's agent to re-initiate a written offer with the same terms?
That's another thing I am wondering if that happens. Maybe it's best for both the buyer and seller to just move on completely.
There is absolutely nothing to lose in trying. Honestly it doesn't seem that complicated. Have the listing agent contact the buyers agent and ask if they are still interested at there last offer price. Go from there.
We put an offer in on a house. Listing price was $285,000 and we offered $265,000 and asked for $5,000 in closing assistance. We knew they would counter and were prepared for it. They countered at $280,000 with no closing help. We countered back at $275,000 with $5,000 for closing help and told them that we would need the closing assistance in order to purchase the home. They countered back at their higher listing price of $285,000 with $5,000 for closing, so that told me they were not willing to budge off the net of $280k and we were not willing to go that high on this house so we let the offer die. A few days later the listing agent contacted my agent back and said the sellers are willing to come down on price if we were still interested. They didn't come all the way down, but we were within a couple thousand dollars. Now, this purchase and these sellers have been a royal pain in the behind since we signed the deal, but that is a whole other story.
Can the listing agent contact that buyer's agent to see if his/her client will agree to the first written offer?
It happens a lot.
We put in an offer on a bank owned 5K less than asking , and asking for ZERO assistance with closing... they countered at 1K less than asking with zero assist in closing.
We walked away because I was so offended, we didn't ask for any closing and they only lowered 1K.
Well, about 2 weeks later, the listing agent called us and said the bank offered 2K below listing. I said they can keep it. The house is still on the market and no offer ever being accepted(has remained "ACTIVE").
Seller can always try, but just like a buyer who offers too low and offends the seller... the seller can also offend the buyer enough to where they won't accept. If the seller is motivated, I would say go 1-2K below what THEY offered originally, well, within reason.
This happened with our first home. We had a super low budget in a very high COL area, so finding place was really hard in our price range. We saw a place and put an offer in for full asking. We were using a VA loan. Seller said no, he won't deal with VA. We were kinda bummed. We found another place (which was better, so it all worked out) and they were willing to go VA. About a week before closing the seller of the house that rejected us asked if we were still interested. Too bad, so sad, buddy, we moved on.
So you can definitely do that, but your buyers may have found something else by now. Good luck.
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