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There are multiple offers, you're at asking price, AND you asked for closing costs? You will not win. By asking for closing costs, you are netting the sellers BELOW asking price. That is not a strong offer if you were in my market.
You need to offer them something that when you see the closing price, you won't say to yourself or outloud, "I would have paid that price for that house!" If you say that with any other price above the price you offered, you offered too low, in multiple offer situations.
Thank you for your reply. As far as we know there MAY be one other offer going in. You are correct though why lose it for a couple of grand but that can work both ways.
An awful lot of opinion being offered where only a local agent would be in a position to offer one.
There are things we would not do here...ie an offer close out date of Tuesday. But that is really local custom as is such things as closing costs on a full price offer etc. You would have to know the local market and the comps to have a valid opinion.
OP needs to decide if the have or don't have confidence in their agent. And actually in this case there is really no good option but to ride it out.
An awful lot of opinion being offered where only a local agent would be in a position to offer one.
There are things we would not do here...ie an offer close out date of Tuesday. But that is really local custom as is such things as closing costs on a full price offer etc. You would have to know the local market and the comps to have a valid opinion.
OP needs to decide if the have or don't have confidence in their agent. And actually in this case there is really no good option but to ride it out.
An awful lot of opinion being offered where only a local agent would be in a position to offer one.
There are things we would not do here...ie an offer close out date of Tuesday. But that is really local custom as is such things as closing costs on a full price offer etc. You would have to know the local market and the comps to have a valid opinion.
OP needs to decide if the have or don't have confidence in their agent. And actually in this case there is really no good option but to ride it out.
Thank you for your reply, yes we will wait it out. We gave a written offer with a deposit to show we are serious .We also showed we are pre approved for the loan.
It gives the sellers/agents time to "fish" for more offers. It's not good to give a response date several days out. In Texas, we don't have response dates, but we try to give answers within 24 hours unless they have specifically stated that offers will be presented on X date, in order to let everyone know they're going to fish for offers for that amount of days.
I call it fishing because you never know if you're going to get a bite. Agents should work with what they have in hand at the time they get it and not presume more offers are coming in.
It gives the sellers/agents time to "fish" for more offers. It's not good to give a response date several days out. In Texas, we don't have response dates, but we try to give answers within 24 hours unless they have specifically stated that offers will be presented on X date, in order to let everyone know they're going to fish for offers for that amount of days.
I call it fishing because you never know if you're going to get a bite. Agents should work with what they have in hand at the time they get it and not presume more offers are coming in.
Yup...as above. We will never give more than 24 hours to a seller and sometimes less. Exceptions for out of state or country sellers but still never past the next business day.
Note this may well be toothless in that an offer response well after the drop dead point may well still be accepted and dealt with. But sometimes not and the client does not have to...
From what you have said, it seems pretty obvious the sellers are annoyed by your "help with the closing costs" approach and already 'fishing for other offers.' You've unnecessarily put yourself at a disadvantage in what is apparently a sellers market.
Your only play now is to make a full price offer (or even $100 over - to counter another full price offer), without the closing cost caveat, and a SHORT acceptance time (12-hours). They may still reject your offer based simply on the principle of your tactics, but, unless your realtor is really a dim bulb, she should be able to leverage your offer into a sale.
In VA we do aim to get a response within 24 hours. If I have a buyer that finds "their home" and there is another offer pending I would highly suggest putting their best foot forward in the beginning. You may not get a second chance.
If you don't need the closing costs, withdraw that request and amend the offer.
From what you have said, it seems pretty obvious the sellers are annoyed by your "help with the closing costs" approach and already 'fishing for other offers.' You've unnecessarily put yourself at a disadvantage in what is apparently a sellers market.
Your only play now is to make a full price offer (or even $100 over - to counter another full price offer), without the closing cost caveat, and a SHORT acceptance time (12-hours). They may still reject your offer based simply on the principle of your tactics, but, unless your realtor is really a dim bulb, she should be able to leverage your offer into a sale.
There was no intentional 'tactics' we did not low ball them, we are talking 2 grand not thousands. Yes we may of lost out but we had asked agent what she would do. In hindsight very stupid of us!! We are in Ohio, it that makes any difference.
We have learnt from this if nothing else.
Thank you.
Again we are all past our knowledge level. The seller may well be sitting on the offer to see what happens with no other offer in hand. We have no idea how well priced the property is or whether closing costs are almost standard in the area. We have no idea how competitive this market is or this house.
The buyer needs to simply wait it out.
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