Offer on a House (how much, houses, buyers) - North Carolina (NC) - City-Data Forum

Beacher · 09-03-2009, 11:05 AM

I received a call from my agent notifying me that an offer had been put on a house I had expressed interest in. When I asked what the offer was he said that he didn't know and he couldn't tell me because its illegal to do that in NC. Has anyone has this same experience?

adlnc07 · 09-03-2009, 11:15 AM

I'm not sure why you would expect to find out the details of a transaction between two other people. I certainly wouldn't want my agent telling anyone the specifics of an offer I had on my house!

Beacher · 09-03-2009, 11:22 AM

This is a house I have expressed strong interest in. The purpose of telling me would be so I can determine if I want to make an offer and how much it would be.

VickiR · 09-03-2009, 11:22 AM

Buyer's Agent gives offer on behalf of BUYER to Listing Agent.

Buyer KNOWS what the offer is and Seller KNOWS what the offer is and the two Agents know what the offer is.

Now the negotiations begin!

Why would any of the 4 people involved tell this to others???

If you want to put an offer in on this house, I suggest you have your agent call the listing agent and tell her that you are writing up an offer as fast as you can and then submit your best offer.

It is perfectly acceptable for the listing agent to tell both buyer's agents that there are two offers and each one should go back to their buyer to get the best offer.

Seller can then negotiate with whichever one they choose!

An offer IS NOT A CONTRACT until it is accepted and signed by buyer and seller SO you can submit another offer ANY TIME before the contract is accepted. After the contract is accepted, you'd be submitting a back up offer only. Hurry! If you want this house, get your offer in before it is signed by the other parties. Otherwise...you have nothing to say about it.

Vicki

Beacher · 09-03-2009, 11:25 AM

Its called a "bidding war". Not that I want a part of it but very common where I am from.

sll3454 · 09-03-2009, 11:26 AM

When someone gets an offer on their house, especially if it's an offer they aren't thrilled with, the seller's agent contacts agents of potential buyers who looked at the house, hoping to get something better than the original offer.

From a seller's point of view: if you were the seller, asking $210,000, and you just received an offer of $195,000, you might negotiate - but wouldn't you want to know if someone else was considering making an offer? Maybe someone was about to offer you $208,000, and if you accepted the lower offer you'd miss it. So your agent calls around to see if anyone else wants to offer. It makes sense to me.

As a buyer receiving this news, you are being given an opportunity to get the house if you really want it. Of course the agent hopes to use it to get a better price for his client, but it does also give you a chance.

As a buyer making an offer, you can avoid this game by giving the seller a very short time to accept your offer; then there isn't time to look for other offers. Of course, they could delay by countering with something you wouldn't be interested in.

All of this can happen without knowing the amount of someone else's offer. (I don't know the law.)

VickiR · 09-03-2009, 11:29 AM

Quote:

Originally Posted by Beacher

Its called a "bidding war". Not that I want a part of it but very common where I am from.

Your Agent called you to tell you that there is an OFFER on the house you like.

The ball is in your court.

Make an offer.

These sellers can walk away from offer #1 and run to your offer and negotiate with you at any time until the offer becomes a contract.

What are you waiting for???

Vicki

Beacher · 09-03-2009, 11:31 AM

So all of this is done on the honor system. It seems if I'm a Sellers agent and I want to drum up some offers from interested parties I can start telling other agents there is an "offer" without providing any proof. Basically forcing potential buyers that were on the fence to make offers.

Beacher · 09-03-2009, 11:33 AM

Quote:

Originally Posted by VickiR

Your Agent called you to tell you that there is an OFFER on the house you like.

The ball is in your court.

Make an offer.

These sellers can walk away from offer #1 and run to your offer and negotiate with you at any time until the offer becomes a contract.

What are you waiting for???

Vicki

What am I waiting for...the fact that there is an enormous inventory of homes available and its a buyers market...I'm not going to be rushed into making an offer.

adlnc07 · 09-03-2009, 11:56 AM

Quote:

Originally Posted by Beacher

What am I waiting for...the fact that there is an enormous inventory of homes available and its a buyers market...I'm not going to be rushed into making an offer.

It sounds like you are not ready to buy, so don't make an offer on this house then. It may be a "buyer's market" but there is someone else who is interested in the same house as you. Whether their offer will be accepted - who knows? Even if it is accepted, it may fall through before closing. What's the price range you are in? If you are in the < $250K range, it may not be quite the buyer's market you think it is - especially for houses priced appropriately in good condition.