Foreclosure in 37013>Question Details

Hec_christian, Home Buyer in Antioch, TN

If i put an offer. The first highest offer did not go through My offer was the second highest. they subpost accept my offer.

Asked by Hec_christian, Antioch, TN Fri Apr 12, 2013

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5
Wrong.

They're not supposed to accept your offer.

They'll accept the best offer. If one doesn't go through, they may--or may not--accept the offer that (in their opinion) is second best. And that's not always the second highest.

Example:

First Offer:
$100,000. 20% down. Good credit history. Minor contingencies.

Your Offer:
$98,000. 10% down. Weak credit history. Major contingencies (such as selling your present house).

Third Offer
$93,000. All cash. No contingencies; buying in "as is" condition.

A lot of people would choose that third offer, even though it's $5,000 less than yours.

A seller can choose to accept, reject, or counter any or all offers.

Hope that helps.
0 votes Thank Flag Link Tue Apr 8, 2014
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Depending on the scenario, there are situations when the highest offer is not the one accepted. Sometimes the lower offer (in terms of amount of money) has terms that are more appealing to the seller, such as an all cash offer that may be lower than an offer that is contingent on financing. If you still have questions about this, I would love to help you understand, please feel free to contact me.
0 votes Thank Flag Link Tue Apr 8, 2014
No seller is obligated to accept an offer; have you followed up with the seller to inquire why they might have refused your offer?
0 votes Thank Flag Link Mon Apr 22, 2013
Just because your offer was the 2nd highest, the seller is not obligated to accept it.
0 votes Thank Flag Link Sat Apr 13, 2013
Not sure I understand your question. Multiple offer situation where you're second highest offer so must they now accept your offer?

If that's the question....the answer is no. All offers are different. Example....you're the highest offer but you want the seller to pay some closing costs, you want an inspection, need to obtain a loan, can't close for at least 45 days, etc. Another offer is 5,000 less, buying with cash, can close in a week, do not want an inspection. If you were the seller might you not want to go with the cash offer, even though it less money?

Let me know if I didn't get the question correct.
0 votes Thank Flag Link Sat Apr 13, 2013
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