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We had a similar situation. Pulled our offer. Their agent came back a few days later begging for us to reinstate. We had found a better house by then. That home lingered for months with several price drops.
We saw a house on Saturday (was just listed the Friday before) and told our agent that night we'd be making a full price offer. We officially submitted our offer on Sunday 5pm - full asking price, conventional loan with over 30% down payment, no contigency to sell existing home, flexible closing date (we entered a date 6 weeks out but said we could close sooner or later if they preferred), standard option period and appraisal contingency. We only asked to keep their existing excercise equipment and patio furniture. I feel that this was a very strong, clean offer.
When our offer was received Sunday, the listing agent said there were a couple showings that day. I know there was another showing right after ours on Saturday as well. I expected this home to be in high demand - fair price, great lot, excellent condition (but I would want to upgrade the kitchen and baths before moving in). On Monday afternoon the listing agent says they are expecting another offer and we can give a better offer by 5pm if we want. We increased our offer by 5k. The agent said she would go over both offers with the sellers after they get off from work. That night my agent receives an email saying the sellers should have an answer the next evening. We wait all day Tuesday and at 8pm I finally ask my agent if she's heard from them. At 9:30pm my agent says the listing agent texted her to say she's on the phone with the sellers. 20mins later my agent gets an email from her saying the sellers are still deciding between our offer and the other. In the email, the agent send us the seller's disclosure (which I asked for on Sunday and it was signed by the seller before the house was listed so I don't know why I didn't receive it sooner). She asks us to sign it "in order to compare apples apples". She also says the other buyer is out of the country and is waiting to get their pre-approval letter from the lender. Once the sellers get all of the above, they can make a decision and hope to respond by tomorrow evening at the latest.
We've looked at many homes and made other offers that didn't work out so we know the market in this area very well and know what we want. We're ready to jump on a house when we like it. My significant other is willing to walk away from this house even though we both really like it (but not in love with it). It seems like the sellers are leaning towards the other offer but are stringing us along just in case. We've given them everything they've asked for and more. Could they be waiting for even more offers?
Was there a deadline on the offer?? Here we always have expiration dates and times. I also would not have bumped up my offer without a written counter from the seller. I would withdraw the second offer and resubmit the original offer with the stipulation that is expires tomorrow at midnight.
Was there a deadline on the offer?? Here we always have expiration dates and times. I also would not have bumped up my offer without a written counter from the seller. I would withdraw the second offer and resubmit the original offer with the stipulation that is expires tomorrow at midnight.
I have always put a deadline when submitting an offer on a house. The last house I bought had the offer put in Friday afternoon with a Sunday 10pm deadline. The sellers then came back on Saturday with a signed notice of multiple offers asking for both buyers' best offer by 10pm Saturday. We submitted a new one, and had a signed agreement the next day.
Personally, I wouldnt' trust someone telling me there were multiple offers without something in writing.
He isn't in love with it so the advice is pretty good. If he was in love with the house than the advice would be different.
He was advised to withdraw his offer and/or reduce it. He didn't say he didn't want the house. If that was the case then withdrawing the offer makes sense. If he wants the house, withdrawing the offer only ensures that he won't get it.
We saw a house on Saturday (was just listed the Friday before) and told our agent that night we'd be making a full price offer. We officially submitted our offer on Sunday 5pm - full asking price, conventional loan with over 30% down payment, no contigency to sell existing home, flexible closing date (we entered a date 6 weeks out but said we could close sooner or later if they preferred), standard option period and appraisal contingency. We only asked to keep their existing excercise equipment and patio furniture. I feel that this was a very strong, clean offer.
When our offer was received Sunday, the listing agent said there were a couple showings that day. I know there was another showing right after ours on Saturday as well. I expected this home to be in high demand - fair price, great lot, excellent condition (but I would want to upgrade the kitchen and baths before moving in). On Monday afternoon the listing agent says they are expecting another offer and we can give a better offer by 5pm if we want. We increased our offer by 5k. The agent said she would go over both offers with the sellers after they get off from work. That night my agent receives an email saying the sellers should have an answer the next evening. We wait all day Tuesday and at 8pm I finally ask my agent if she's heard from them. At 9:30pm my agent says the listing agent texted her to say she's on the phone with the sellers. 20mins later my agent gets an email from her saying the sellers are still deciding between our offer and the other. In the email, the agent send us the seller's disclosure (which I asked for on Sunday and it was signed by the seller before the house was listed so I don't know why I didn't receive it sooner). She asks us to sign it "in order to compare apples apples". She also says the other buyer is out of the country and is waiting to get their pre-approval letter from the lender. Once the sellers get all of the above, they can make a decision and hope to respond by tomorrow evening at the latest.
We've looked at many homes and made other offers that didn't work out so we know the market in this area very well and know what we want. We're ready to jump on a house when we like it. My significant other is willing to walk away from this house even though we both really like it (but not in love with it). It seems like the sellers are leaning towards the other offer but are stringing us along just in case. We've given them everything they've asked for and more. Could they be waiting for even more offers?
Forget the Counter offer because this is why you shouldn't buy this house. As somebody who has been selling homes for 20 years if the house is just "ok" to you or to your SO you won't be happy! Wait for the right place instead ( even though as a Realtor I shouldn't be telling you this!) Best of Luck!
We had a similar situation. The other buyers won out because the seller just liked them personally better. Not that he knew them personally...just liked them better. 6 months later, after the cranky elderly lady wouldn't reveal all her info needed to get approval and finding out the relative buying with her really had no funds, the deal fell through. The house was now in foreclosure. The owner in bankruptcy. We made a lower offer than our first offer 6 months before and got the house.
We loved the house from the first. Loved it when we finally got it. Still have great memories of it.
It's hard to play with this sort of things in the hot market, but if you are not 1000% sure it's your house and you can live with losing it, I would withdraw your offer (if you didn't list expiration date in the contract there might be standard language regarding this in place in your contract). I saw too many agents playing "multiple offers, highest and best by..." game. I bet you will hear from listing agent sooner than later
It's hard to play with this sort of things in the hot market, but if you are not 1000% sure it's your house and you can live with losing it, I would withdraw your offer (if you didn't list expiration date in the contract there might be standard language regarding this in place in your contract). I saw too many agents playing "multiple offers, highest and best by..." game. I bet you will hear from listing agent sooner than later
The sentiment of the majority of responses on this thread illustrate why listing agents and sellers would be very foolish to play a "game" of multiple offers when none existed. Too many buyers are of the mindset of "I won't play games. Withdraw my offer."
I think listing agents lying about multiple offers is a rare occurrence contrary to popular opinion.
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