Home Buying in 60133>Question Details

muthu2020, Home Buyer in Hoffman Estates, IL

Homepath - another multiple offer round, after accepted offer before executed contract

Asked by muthu2020, Hoffman Estates, IL Fri Apr 19, 2013

After the multiple offer situation, offer got accepted and I got contract package. I have submitted my contract with copy of cashier's check for the earners money within the given timeline without any change from the offer. However the seller agent starting another round of multiple offer without providing any reason. This is happening in Illinois. Is this legal and valid? What are my options. Please advise. Thank you.

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Until the Earnest Money is in the hands of the listing office another offer may be accepted or another highest and best scenerio is possible I always hand deliver the cashiers check asap to the listing office to avert the situation you went through except HUD which would be a very long drive it is in your best interest to work with a competent agent that will go the extra mile to make sure the offer goes through.
0 votes Thank Flag Link Sat Apr 20, 2013
Sorry to hear you got rejected. Who submitted the paperwork? You or an agent working for you? Homepath is extremely specific in the paperwork process. One box not signed, one check in the wrong spot and the offer will be denied.

If you are working by yourself, the listing agent probably will not give you much information (if any). Some of these agents are very responsive, but many are not. Given the volume of transactions they are dealing with, and the paperwork involved, it is not much of a surprise.

Homepath still offers tremendous value. If you are still interested in pursuing a distressed property, feel free to reach out. In cases like this a buyers agent's commission (0 to the buyer) is worth every penny and then some! I have made successful offers with various systems in the past and generally have gotten the feedback to understand why something goes wrong (which it always does).

Geoff Ommen
Broker Baird & Warner
0 votes Thank Flag Link Sat Apr 20, 2013
Thank you for your advise.
My offer was submitted by my agent.
The contract was submitted within the deadline with no issues.

After 24 hours of we submitted those documents the seller agent informing that the asset manager requested to do another multiple offer round without any other explanation.
The 1st multiple offer round got the mail from homepath explaining about their standard procedure as below, isn't it clearly violated?
The Seller's standard procedure for multiple offers is as follows:
1. Inform all parties of the multiple offers.
2. Each interested party is requested to submit their "best" offer in writing to the listing agent no later than the specified time.
3. Seller will accept or provide a counter offer ONLY to the offer which the Seller determines to be the "best" offer.
4. In the event the first choice of "best" offer does not result in an accepted purchase agreement, Seller will accept or provide a counter offer ONLY to the offer which the Seller determines to
Flag Sat Apr 20, 2013
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