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My wife and I recently found a great home that is being sold by a relocation company. The listing agent said that there would be no negotiating and that we should make our best offer first. One offer had already been made and, since the home was underpriced, we were prepared to offer close to 25k over list price. Our agent assured us that this would not be necessary and that offering list price would be more than enough to secure the home. We wanted to offer 5 or 10k more just to be sure but our agent talked us out of it. Being first time homebuyers we deferred to the professional. The next day we received a call from our agent saying we didn't get the house. Needless to say, my wife and I are devastated, especially since we had $25k+ to negotiate with. Our agent said the listing agent is no longer accepting offers and they are not willing to hear counteroffers. Has anyone ever dealt with a situation like this? Is it possible to get the listing agent to change her mind? If we contacted her directly and said we are willing to pay $25k more for the property is it likely to make a difference? Or does is this best offer only situation legally binding on her end? Any help would be greatly appreciated. Thanks!
it is possible that the dollar amount was not the deciding factor for the other offer being accepted, it could have been a more desirable type of financing on the other buyers part, more aggressive close date, etc.
My wife and I recently found a great home that is being sold by a relocation company. The listing agent said that there would be no negotiating and that we should make our best offer first. One offer had already been made and, since the home was underpriced, we were prepared to offer close to 25k over list price. Our agent assured us that this would not be necessary and that offering list price would be more than enough to secure the home. We wanted to offer 5 or 10k more just to be sure but our agent talked us out of it. Being first time homebuyers we deferred to the professional. The next day we received a call from our agent saying we didn't get the house. Needless to say, my wife and I are devastated, especially since we had $25k+ to negotiate with. Our agent said the listing agent is no longer accepting offers and they are not willing to hear counteroffers. Has anyone ever dealt with a situation like this? Is it possible to get the listing agent to change her mind? If we contacted her directly and said we are willing to pay $25k more for the property is it likely to make a difference? Or does is this best offer only situation legally binding on her end? Any help would be greatly appreciated. Thanks!
If your agent will not write an offer for you, find an agent who will.
The seller can decide not to consider your offer.
The other agent can say there will be no more offers.
But, it is your agent's job to write and submit the offer. Pure and simple.
If your agent will not write an offer for you, find an agent who will.
The seller can decide not to consider your offer.
The other agent can say there will be no more offers.
But, it is your agent's job to write and submit the offer. Pure and simple.
Agree. The seller was clear they wanted highest and best from the get go.
My wife and I recently found a great home that is being sold by a relocation company. The listing agent said that there would be no negotiating and that we should make our best offer first. One offer had already been made and, since the home was underpriced, we were prepared to offer close to 25k over list price. Our agent assured us that this would not be necessary and that offering list price would be more than enough to secure the home. We wanted to offer 5 or 10k more just to be sure but our agent talked us out of it. Being first time homebuyers we deferred to the professional. The next day we received a call from our agent saying we didn't get the house. Needless to say, my wife and I are devastated, especially since we had $25k+ to negotiate with. Our agent said the listing agent is no longer accepting offers and they are not willing to hear counteroffers. Has anyone ever dealt with a situation like this? Is it possible to get the listing agent to change her mind? If we contacted her directly and said we are willing to pay $25k more for the property is it likely to make a difference? Or does is this best offer only situation legally binding on her end? Any help would be greatly appreciated. Thanks!
Almost verbatim and why I rarely listen to agent's advice on price. They have no special insights and no better idea than you do.
You were probably right, they were 100% wrong and proven so.
Now before you listen to another agent. you have nothing to lose by making another offer do you?
Since your agent gave you bad advice, get rid of them. You need them like you need a wasted offer.
Write another offer. Present it. They are required to submit that offer unless they have specific instruction not to do so. You would probably be amazed what agents will say about accepting or not accepting offers. You are not bound by any requirement an agent has imposed upon them, legal or not. There is no law on any books anywhere in the USA that prohibits you from submitting an offer to the listing agent. What the listing agents does with that offer is up to them and any contractual agreements they might have with the seller.
Get your offer in. You have nothing to lose. Your best offer might have had a chance but since your agent goofed it up you'll never know, unless you submit it and take your chances.
I bet some agents will tell you it is a waste of time. Remember who told you that your best offer wasn't needed and why you are in this situation.
The agent is to provide advice, and then follow the clients instructions. Apparently the agent was mistaken on this one. While the experienced agent will have a good feel for the market, and what the other party may do, it is still just an educated opinion. He should have told you that this is what he feels will work, but he will write any offer you wish.
The seller has stated the way they wish to handle it. That is their right.
We do not know all the details of what was said between you and your agent. If you feel your agent was not representing you properly, then you should leave that agent and get someone else.
If you feel that the agent is representing you properly, and you understand now that what he tells you is only advice, and that you will make the final decision, then you may wish to continue with him. It's your choice. It's really not fair for us to tell you to fire someone when we do not know all the details.
When I know a client really well, and know exactly what they want, and have a very good feel for the property and what it should sell for in the current market, I'll let the client know my feelings, whether it's that the house should go for below, at, or above list price, and from there it's up to the client to make the decision.
My wife and I recently found a great home that is being sold by a relocation company. The listing agent said that there would be no negotiating and that we should make our best offer first. One offer had already been made and, since the home was underpriced, we were prepared to offer close to 25k over list price. Our agent assured us that this would not be necessary and that offering list price would be more than enough to secure the home. We wanted to offer 5 or 10k more just to be sure but our agent talked us out of it. Being first time homebuyers we deferred to the professional. The next day we received a call from our agent saying we didn't get the house. Needless to say, my wife and I are devastated, especially since we had $25k+ to negotiate with. Our agent said the listing agent is no longer accepting offers and they are not willing to hear counteroffers. Has anyone ever dealt with a situation like this? Is it possible to get the listing agent to change her mind? If we contacted her directly and said we are willing to pay $25k more for the property is it likely to make a difference? Or does is this best offer only situation legally binding on her end? Any help would be greatly appreciated. Thanks!
It they accepted the other offer that's it, they have a binding contract. But you can still submit another offer even if the seller doesn't look at it.
This is a good example of why agents shouldn't tell what the buyer what to offer/not offer in a multiple offer situation. Ask your agent how they are going to make it up to you on the next home if this one doesn't work out.
Almost verbatim and why I rarely listen to agent's advice on price. They have no special insights and no better idea than you do.....
I bet some agents will tell you it is a waste of time. Remember who told you that your best offer wasn't needed and why you are in this situation.
Why is it you always have so much insight on what agents will do and say yet the advice and action of REAL agents on the board is generally the opposite of what you're saying the agents will? At least you bothered to say some instead of all this time.
Dear OP, beware of those with an agenda either way, they generally do NOT have your best interest in mind.
If your agent will not write an offer for you,
find an agent who will.
But, it is your agent's job to write and submit the offer. Pure and simple.
My agent wrote up all my offers. I asked if they would submit my offer (on one particular house) no matter how "low" it was, and they said absolutely YES. Of course I listened to their opinions. One was a "fixer up then rent it out or sell it." I offered X dollars and they accepted an offer $1,000 more than my offer. I offered too low, but the seller got my written offer from my agent. That's what buyer's agents do.
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