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Old 06-03-2015, 11:22 AM
 
16 posts, read 25,777 times
Reputation: 14

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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?
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Old 06-03-2015, 11:34 AM
 
906 posts, read 1,756,624 times
Reputation: 1068
No way to know if they are stringing you along or not. Why not just wait until tomorrow night to find out? Otherwise, if you don't love it, just retract your offer and walk away.

If I was in your shoes, I would just give them a deadline. Execute the contract by said date/time, or the offer ceases to exist. Move on.
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Old 06-03-2015, 11:39 AM
 
Location: NYC
16,061 posts, read 26,650,216 times
Reputation: 24848
It wouldn't surprise me if that is what they are doing. You unfortunately can't control what the sellers are doing. They'll either accept it or they won't.
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Old 06-03-2015, 12:08 PM
 
Location: Kailua Kona, HI
3,199 posts, read 13,349,870 times
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Well, for one thing phone calls and texts don't count. Something in writing counts! From a seller's agent point of view, what we do when we truly have multiple offers, is counter all of them at the same time with the same counter. The Counter includes a phrase in special terms to that effect and states a deadline of course, but that the acceptance of buyer is not a deal until the seller acknowledges it. I just had this happen on a listing. No conversations or inuendo. Even if my client has the upper hand so to speak, I feel it's only fair to handle the situation this way. (unless one offer is junk)

The buyer who's offer was not accepted then asked to be in first backup position which we agreed to, and they executed an Addendum for my seller to sign.
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Old 06-03-2015, 12:13 PM
 
8,073 posts, read 9,998,892 times
Reputation: 22606
Seems like the sellers are VERY naive about the house selling process: Waiting for an approval letter in the hopes that the offer will improve on your "strong, very clean" offer. Not finding fault, but you reinforced the sellers thinking that they are in control of the process by raising your offer by $5,000 pretty quickly-- assuming there was another credible offer on the table.

So, what to do now?

Pull the offer (and let the sellers stew a little bit)?

Pull the $5,000 increment, but leave the original full price offer stand for period of 72 hours?

Leave the increment, but put a 72 hour deadline on the offer?

I think I would go with the "original offer" with a 72 hour deadline.

Waiting for an approval letter in real estate is a fools game. Perhaps your realtor can speak with the seller's agent and have her chat with the sellers and explain how the real world works--the "out of town" excuse and the "we're waiting for an approval letter" are age old excuses which rarely pan out (wait 'til the letter comes along and it is from an "Uncle" who promises to financially back them. We all make assumptions.....but sometimes things are NOT what we assume!) Maybe the agent, and the sellers, are not too swift and you just have to play hard ball. Hard to say.

Depends on the local lay of the land, and how much you want the house, as to how much you play along. I would be "tough"--no more signing crap like the disclosure (what's with that, anyhow?) and no more "upping" the ante--that card was played and it was a spoof. Thankfully you are not stuck.
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Old 06-03-2015, 12:15 PM
 
16 posts, read 25,777 times
Reputation: 14
Quote:
Originally Posted by KonaKat View Post
Well, for one thing phone calls and texts don't count. Something in writing counts! From a seller's agent point of view, what we do when we truly have multiple offers, is counter all of them at the same time with the same counter. The Counter includes a phrase in special terms to that effect and states a deadline of course, but that the acceptance of buyer is not a deal until the seller acknowledges it. I just had this happen on a listing. No conversations or inuendo. Even if my client has the upper hand so to speak, I feel it's only fair to handle the situation this way. (unless one offer is junk)

The buyer who's offer was not accepted then asked to be in first backup position which we agreed to, and they executed an Addendum for my seller to sign.
I'm not sure what you are referring to in regards to phone call and texts don't count. The sellers have 2 offers in writing since Monday (our original offer in writing on Sunday). They are stalling and not countering to either buyer. They are waiting for the other buyer's pre-qualification letter and we have signed the seller's disclosure this morning.
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Old 06-03-2015, 12:48 PM
 
Location: Phoenix, AZ area
3,365 posts, read 5,189,948 times
Reputation: 4203
The 2nf offer is garbage and you shouldn't have bumped your price up. I would tell your agent to pull your offer but let stand your original offer until the end of the week, or when you have an accepted offer from another seller, and move on. Sounds like you are more in love with it than you think you are though.
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Old 06-03-2015, 12:53 PM
 
16,235 posts, read 25,092,569 times
Reputation: 27047
Quote:
Originally Posted by elephantshoe View Post
I'm not sure what you are referring to in regards to phone call and texts don't count. The sellers have 2 offers in writing since Monday (our original offer in writing on Sunday). They are stalling and not countering to either buyer. They are waiting for the other buyer's pre-qualification letter and we have signed the seller's disclosure this morning.
You just made the posters point....in writing.....a critical piece of any legal transaction.
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Old 06-03-2015, 01:35 PM
 
8,005 posts, read 7,130,014 times
Reputation: 18165
Bad advice from a couple of posters. You want the house and know what you're willing to pay. No need to play any games. You have lost nothing by submitting your best and highest and any further demands on the sellers are unlikely to improve your chances of winning. Either your offer is chosen or not. If not chosen, move on.
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Old 06-03-2015, 01:44 PM
 
Location: Phoenix, AZ area
3,365 posts, read 5,189,948 times
Reputation: 4203
Quote:
Originally Posted by 1insider View Post
Bad advice from a couple of posters. You want the house and know what you're willing to pay. No need to play any games. You have lost nothing by submitting your best and highest and any further demands on the sellers are unlikely to improve your chances of winning. Either your offer is chosen or not. If not chosen, move on.
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.
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