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Old 10-06-2011, 10:46 AM
 
9 posts, read 9,492 times
Reputation: 10

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My husband and I are buying our first home and are wondering if the following situation is 'normal'
Saturday- We put a low-ball offer into a house that has been sitting on the market for 3+ years. We were prepared to negotiate from there.

Tuesday- we did not get a response for 3 days but then were informed by the seller's realtor that another offer came in on Monday night. The seller then countered our offer and offered the new price to both buyers. My husband and I immediately offered the new price, hoping to purchase the price but got no response.

Wednesday- After being contacted multiple times by our realtor, the seller's realtor stated that he had not given our offer to the seller yet and would present both offers to the seller today (Thursday) and alluded to the fact that the seller would offer the house for a new, higher, price on Friday. At that time, we're supposed to offer our final bid.

Is this normal practice? Are realtors allowed to make up facetious bids in order to increase the selling price? I don't get it, they asked for a price, we responded in 1 hour and now we're most likely going to be asked for a higher price.
Any information about our situation is appreciated.
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Old 10-06-2011, 11:01 AM
 
Location: Elsewhere
73,125 posts, read 68,962,796 times
Reputation: 92077
Quote:
Originally Posted by MickeyThebunny View Post
My husband and I are buying our first home and are wondering if the following situation is 'normal'
Saturday- We put a low-ball offer into a house that has been sitting on the market for 3+ years. We were prepared to negotiate from there.

Tuesday- we did not get a response for 3 days but then were informed by the seller's realtor that another offer came in on Monday night. The seller then countered our offer and offered the new price to both buyers. My husband and I immediately offered the new price, hoping to purchase the price but got no response.

Wednesday- After being contacted multiple times by our realtor, the seller's realtor stated that he had not given our offer to the seller yet and would present both offers to the seller today (Thursday) and alluded to the fact that the seller would offer the house for a new, higher, price on Friday. At that time, we're supposed to offer our final bid.

Is this normal practice? Are realtors allowed to make up facetious bids in order to increase the selling price? I don't get it, they asked for a price, we responded in 1 hour and now we're most likely going to be asked for a higher price.
Any information about our situation is appreciated.
Say no thanks. It sounds as if you are being played. If you ARE really the only offer, they'll come back to you.
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Old 10-06-2011, 12:35 PM
 
391 posts, read 1,392,044 times
Reputation: 222
stick to whatever price you think is fair, regardless of any other offers (real or not). don't get caught up in any of the other nonsense.
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Old 10-06-2011, 12:35 PM
 
2,535 posts, read 6,221,066 times
Reputation: 1595
This happened to me when I bought my house. I really thought I was being played. I'm, admittedly,a bit of a d!ck but when asked for our best and final offer I actually lowered my offer by $10K. Turns out there was another bidder who offered more than me so I lost...however turned out they were not qualified and even their $1000 deposit check bounced. Long story short I got the house...at $10K less than I originally offered. How does this help you? Probably not at all, but I like sharing Anyway I would simply look at the most you want to pay for the house and submit it. Don't even consider the other parties involved.

If it works out, great! If not, there are plenty of fish in the sea( that's my 2nd fish reference on this board today for anyone counting, I'm going for the trifecta)
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Old 10-06-2011, 12:58 PM
 
9 posts, read 9,492 times
Reputation: 10
Thank you so much for the replies!
We will probably take the advice and stick to the price of the counter offer. It's frustrating to have finally have found a house that both my husband and I could agree on and then potentially either lose the house or pay more than we were comfortably paying for.

Thanks again!
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Old 10-06-2011, 01:53 PM
 
1,727 posts, read 2,952,017 times
Reputation: 1461
Sounds fishy. There's no way that, after sitting on the market for 3 yrs, 2 offers would come in at the same time... I would be prepared to walk far away if you don't get the house for the bid you want.

I've been in this situation before and won the bid but hated the nagging feeling that i somehow got cheated by the realtor.

There will ALWAYS be a better house out there for you.
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Old 10-06-2011, 02:10 PM
 
19 posts, read 33,869 times
Reputation: 15
Quote:
Originally Posted by kimchee View Post
Sounds fishy. There's no way that, after sitting on the market for 3 yrs, 2 offers would come in at the same time... I would be prepared to walk far away if you don't get the house for the bid you want.

I've been in this situation before and won the bid but hated the nagging feeling that i somehow got cheated by the realtor.

There will ALWAYS be a better house out there for you.

I have felt that way before on home bidding.

It's been on the market for how long and somehow theres 2 bids coming in at the same time I put mine in.

It's just hard to believe theres that much action on a house thats sat so long. It's either a coincidence, b.s., or there really are that many bids coming in that frequently.
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Old 10-06-2011, 02:25 PM
 
1,787 posts, read 5,426,513 times
Reputation: 1295
The next time you make an offer on a house, tell the realtor you need an answer by a certain date. If you don't get your answer, keep looking.

Your situation doesn't sound right...manipulation? Maybe.

But, I have heard of sellers not responding to low-ball offers.
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Old 10-06-2011, 02:47 PM
 
Location: NJ
31,774 posts, read 36,895,318 times
Reputation: 24504
a house can be on the market for years then you give a bid and magically there are other buyers making offers. the seller's realtor can be using this to try to get a better offer from you. sometimes it will be true, but most of the time its not true. ultimately, you need to make an offer you are comfortable with and leave it at that. its not worth getting involved in a bidding war (real or fake) in this market.
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Old 10-06-2011, 03:08 PM
 
683 posts, read 371,294 times
Reputation: 513
That actually happened to my husband and I when we purchased an investment property up in a ski area in Vermont. The other people purchased the condo, and my husband and I then purchased another unit.

it sounded fishy at the time, but it truly was the truth. But, something doesn't sound right in this circumstance, and if they keep insisting on more money, simply turn around and walk away.
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