Home Buying in Levittown>Question Details

Jessica, Home Buyer in East Meadow, NY

Hi Folks,Bravo..finally..I have short listed a house for myself!I am not sure if my realtor is

Asked by Jessica, East Meadow, NY Thu Jul 24, 2008

being
truthful when he says that there was an offer on the house 15K more than mine & then when I offered 16K, the seller agreed.
So, iniitially I offered 375K, counter came 390K, & then the following day my realtor calls saying seller accpeted another offer of 395K, now I have offered 396K!!!..
Is this possible?
How & where can I confirm it the truth behind?
ALso, can I appraise the property before buying it to know its current market value?

Help the community by answering this question:

Answers

6
Hi, Jessica,

Once there is an accepted offer, contracts go out, and
the buyer signs the contracts to seal the deal.

Until that stream is broken, for example, if the engineer inspects the
property and finds too many things wrong, the buyer can back out and
decide not to sign the contract, then the offer is no longer on the
table and another buyer like yourself can step in.

There is not supposed to be more than one accepted offer being
pursued at the same time.
So the legal terminolgy has to be exact. The term "accepted offer" has a lot of weight
and until that deal goes dead, (contracts are not signed), it is legally binding.
The seller can't flip-flop and change their mind if a better offer comes along
after they have accepted an offer.
However, in a short sale there is a bank involved so of course they are going to
accept the most money they can get and the seller is not in
control of the amount of money to accept.

Good luck.

Camille Dandola. Licensed Sales Person
ReMax Hearthstone, 516-312-6245 Please use my services.
I am offering a promotion for all buyers and sellers.
1 vote Thank Flag Link Thu Jul 24, 2008
I'm concerned ythat you don't seem sure about your $396K counter offer. Did you actually sign a counteroffer docuemtn? If not, then you haven't made a counteroffer. It certainly is possible that you are in a bidding war. Please ask your Realtor to document all offers and counter offers, so you are sure of where you stand. Decide for yourself how high you are willing to counter - and stick with your decision! best of luck.
1 vote Thank Flag Link Thu Jul 24, 2008
Every appraiser works a little differently and the only one that is of true value to the deal, is the one ordered by the bank; it is their money they are trying to protect.

Please keep in mind you are not buying a car and trying to get it on sale; you are purchasing a home to live in. As long as you bid with your head at a value not higher than what the new home meant to you, don't try to second guess yourself...just start planning your move and where you are going to put your furniture! Much health & happiness to you in your new home.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Thu Jul 24, 2008
HI Jessica, Congratultions on making the decision to BUY NOW. I don't know what you mean by short listed. Was it a short sale? If it was a regular sale, then unfortunetly you may never know if there was another offer. But if you really think that this is your house, so what. Over the course of 30 years what does it matter. If your concerned about the value you may order an appraisal before contract at your expense. Good luck. Barbara McDermott
1 vote Thank Flag Link Thu Jul 24, 2008
I would not get into a bidding situation. I would have walked away. Then when you see the house is still for sale 3 months later, you have your answer.
0 votes Thank Flag Link Thu Jul 24, 2008
Thanks guys for your instant input.
Actually, there is a lien on the house for 375K ( which was my initial offer), but as I said earlier we got into a "bidding war" as per my realtor.
I need to validate if what he told me is true, or was he making up higher price to get more commission.
Could I ask him to show me the documents regarding the 2nd so called "buyer" with his supporting offer of 395K?

what makes it curious for me is...I have offered only 1K above his offer, making mine as 396K, to which '"seller" has agreed upon.
0 votes Thank Flag Link Thu Jul 24, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer