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Apparently you are looking in an area with a very hot market.
If the seller receives only a full price cash offer NO contingencies: then he must accept OR he will owe the selling agent a commission.
If he receives multiple offers he can choose among them. The seller might suspect you are less likely to close for some reason, so he might even take a lower offer. His option.
Your agent should know the market and should be able to give you good advice.
> Seems to me you are within your your rights to know why your full offer was refused.
I'm not sure about that. OP can ask but I am not sure he has any rights here. (Unless...he suspects that the offer was rejected for impermissable reasons...)
Different country here so no doubt different laws.
However, for what it is worth, we have been heavily involved with the buying process for months in what has become a very hot market with an shortage of listings.
In this scenario here, the seller would not be legally obliged to accept the offer. They would probably think that they had set their selling price too low if they were offered the asking price within hours.
It can be a brutal process and I had to advise the family we were helping to not set their sights on anything until the contract is signed. They were finding houses have been going for hundreds of thousands over the guide prices and disappointment is almost inevitable.
If you offered the full list price and didn't have any additional requests, unless the rules have changed, the homeowner can't refuse the offer -- unless maybe they changed their mind and are taking the house off the market.
LOL, no; that is not now, and was not ever, a "rule." Homeowners are never obligated to accept an offer - full price or otherwise. They may be onbligated to pay a real estate commission, but they are never obligated to actually accept an offer.
Quote:
Originally Posted by Normashirley
Seems to me you are within your your rights to know why your full offer was refused.
Perhaps the seller refuses to deal with out of state buyers for some ill informed reason. And he doesn’t want to admit it because he’s not sure that’s legal. My suggestion is to go to another agency and explain the situation. Perhaps the new agent will be more useful.
Thanks for all the replies. I will add what more info I can add here. Nothing at all was asked for in the full listed price offer. It is a VA Mortgage and the seller lists accepts VA. MY realtor has only selected homes for me that accept VA.
Doing research on the home, it actually is priced a bit overpriced. Not by much though, I imagine for the updates for the house. There is an open house today.
So since I immediately offered a full price offer with no demands and it was rejected yesterday. The fact the realtor has no reason for the rejection and just writes me off. The fact there is a open house today. I feel that is the answer this is a setup sale. Get as many buyers wanting a house, and start a bidding war. That's all I can come up with. Actually my instincts were acting up with this location business wise, I was notified at 11pm a week before the house listed. I was told it wouldn't take long to sell. So plan accordingly which I did with the immediate offer.
So if it was me and i think most people. If I'm selling my house. I take the first offer that is for the list price with no demands. Which was my offer.
So I'm guessing this might be the way business is done in the location I was looking. Which is off my Radar now. Boy is it off my radar from the overall vibe of visiting the area. Something that really showed up doing business in this area was. Constant delays in getting needed information on homes for personal reasons. Either it was their kids, or church services. I wondered why they chose a real estate job where you need to be available. So maybe this is all for the best. They might need certain type residents in their neighborhoods.
Maybe the area is just too hot and quirky. I have been looking in western VA and the market was so hot I was told by a buyers agent to let it cool. It is cooling now and I am looking again.
Thanks for all the replies. I will add what more info I can add here. Nothing at all was asked for in the full listed price offer. It is a VA Mortgage and the seller lists accepts VA. MY realtor has only selected homes for me that accept VA.
Doing research on the home, it actually is priced a bit overpriced. Not by much though, I imagine for the updates for the house. There is an open house today.
So since I immediately offered a full price offer with no demands and it was rejected yesterday. The fact the realtor has no reason for the rejection and just writes me off. The fact there is a open house today. I feel that is the answer this is a setup sale. Get as many buyers wanting a house, and start a bidding war. That's all I can come up with. Actually my instincts were acting up with this location business wise, I was notified at 11pm a week before the house listed. I was told it wouldn't take long to sell. So plan accordingly which I did with the immediate offer.
So if it was me and i think most people. If I'm selling my house. I take the first offer that is for the list price with no demands. Which was my offer.
So I'm guessing this might be the way business is done in the location I was looking. Which is off my Radar now. Boy is it off my radar from the overall vibe of visiting the area. Something that really showed up doing business in this area was. Constant delays in getting needed information on homes for personal reasons. Either it was their kids, or church services. I wondered why they chose a real estate job where you need to be available. So maybe this is all for the best. They might need certain type residents in their neighborhoods.
He may not like your choice of financing. I’ll take a full cash offer no contingencies any day. If it’s a loan I may not want to deal with a 3% down buyer. For example right now I have a rental we’re selling. I may direct my agent to not respond to ANY offers until the tenants are out. Unless the buyer wants the place as is where is cash full price no contingencies and acknowledging they are taking over the leases I can tell everyone to pound sand and wait
If the seller wants to start a bidding war that’s a good reason for him to have delayed responding to your offer, what doesn’t make sense is the rejection of the offer.
Around here on a hot property they may collect offers through the first several days and then choose the best, or ask for highest and best from all of them.
Last edited by Diana Holbrook; 10-06-2019 at 09:12 AM..
VA loans were created to protect the Veteran. Back after the WWII, Veterans were purchasing homes from crap builders. The homes they bought were literally falling in on them or flooding out, building codes were not what they are now. Congress was under tremendous pressure to take care of millions of service members they no longer needed. So besides vocational training, VA home purchasing benefits were added.
So, why the history lesson? VA loans are the only loan that has an appraisal done to protect the Veteran. VA does not apologize for being tougher on property appraisals than any other loan type. AND, to prevent the Veteran from going lender to lender with hopes on finding a different result, the VA appraisal is tied to that property for 6 months. Keep in mind, the VA allows for no money down. A low appraisal means the buyer must come up with money down, money they may not have. No money down can scare a seller, too.
No one may outright say it was the VA offer that scared off a seller, but most sellers would be advised by their Realtors to accept a conventional offer over a VA offer. Not a great way to say thank you for your service, but I am pretty sure that is what happened here. Ask your Realtor if they have observed this reaction to VA offers.
The home is now under contract. Probably one of their many parishioners, from their many churches had first dibs. It was in the GA suburbs of Chattanooga, just 4 miles over. The cost. of housing noticeably drops by crossing into GA. The realtor specified that and was right. So maybe its for the best. It did look extremely churchy on the GA side. I'm not and I might have been out of place vs Chattanooga. Which has people from all over now.
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