Home Buying in Johnson>Question Details

Shyam Nagalla, Real Estate Pro in Johns Creek, GA

Can the listing agent start another Multiple Offer round while the previous selected offer is still in negotiatoin with FREDDIE MAC?

Asked by Shyam Nagalla, Johns Creek, GA Tue Feb 8, 2011

Our offer was selected to negotiate with, by FREDDIE MAC, in the first round of Multiple Offer drill. Seller countered the offer and my buyer countered again. The listing agent received a brand new offer in the mean time, and says that per FREDDIE MAC, she will have to initiate another Multiple Offer drill if we decide to go with another counter. I am expecting that untill the seller explicitly rejects our offer, the negotiation should go on without interruption. Any insight would be greatly appreciated.

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Thanks David, Stephanie, Mark, and John for your input.

Shyam
0 votes Thank Flag Link Tue Feb 8, 2011
These types of offers back from seller are always verbal. You and the seller Freddie Mac have no contract. If your way off on the price move on to another house for your buyer.
Web Reference: http://www.infronthomes.com
0 votes Thank Flag Link Tue Feb 8, 2011
The agent must do as the owner directs. Countering back and forth just opens a can of worms, usually over a few dollars. Is it worth losing the home over is the question to be asked and then accept or move on.

Mark Lackey
Atlanta Housing Source at
Solid Source Realty, Inc.
Associate Broker
EcoBroker
Mark@AtlantaHousingSource.com
404-886-8789

Services
Home Buyers & Sellers - http://www.AtlantaHousingSource.com
Property Management – http://www.RentalHomeAtlanta.com
0 votes Thank Flag Link Tue Feb 8, 2011
Dear Shyam. Until the property has an accepted offer the listing agent can market the home in any way that he and his client see fit. This is another reason that we should all explain to our clients that dickering with a foreclosure or government owned property can end up costing you the home.
Good luck - hope yours works out for you and the buyer.
0 votes Thank Flag Link Tue Feb 8, 2011
Unfortunately, I would assume none of your counters are in writing. Therefore, they are useless if you are negotiating verbally. And yes, FM requires their agent to submit all offers and basically until you have an agreement in writing you have nothing. Now you will be subject again to submit your highest and best. And it could happen over and over and over again if other offers are submitted prior to yours being accepted in writing. I have found that if FM gives you a verbal acceptance then they will not pursue other offers even if they are higher. However, you have not given them an offer they are willing to accept, otherwise they would have. Submit highest and best and move on if you don't get it. Welcome to working with a buyer who wants to buy a FM home.
0 votes Thank Flag Link Tue Feb 8, 2011
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