Home Buying in San Diego>Question Details

Pemausff, Home Buyer in San Diego, CA

I live in california and made an offer above asking price with a 10% down standard loan. Is it legal for the?

Asked by Pemausff, San Diego, CA Mon Aug 10, 2009

seller to reject my offer? She decided she wants to list it for more?! (I'm going to offer less).

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8
Pemausff,

I know it is frustrating. I have had the same experience with several of my buyers. I have averaged about 6 offers per buyer before we have had one accepted. Please don't be personally offended. It is not you; it is just the market. Hang in there.

Melissa Mate
Ascent Real Estate, Inc.
melissamate@yahoo.com
http://www.melissamate.com
cell (858) 405-7702
Web Reference: http://www.melissamate.com
0 votes Thank Flag Link Wed Aug 19, 2009
Dear Pemausff,

As everyone below has answered the Seller is not obligated to accept any offer, or they may choose to accept and offer less than yours. Your offer is not even confidential and the Seller may choose to disclose the contents to a third party.

The listing agent could make the argument in California that if they obtain a full priced non-contingent offer that the Seller could be liable for the commission. If you are working with a Buyer's agent - that agent would have to sue the LIsting Agent Company for the commission and in turn the Listing Company would sue the Seller. This rarely happens as it is not good business to sue your client.

If you are under the $500,000 price range in San Diego it is unlikely not to pay asking price or more until the inventory increases. There are those that think with the amount of foreclosures in many zip codes, there will be more opportunity for buyers - but of course no one has a crystal ball.

Don't give up, I recently represented some Clients that wrote over 10 offers before being successful.

Make sure your agent has you set up on automatic updates from Sandicor MLS and go see everything quickly - the early bird is the one getting the worm right now!
0 votes Thank Flag Link Mon Aug 10, 2009
If the seller has not accepted your offer in writing they can reject it. By just making an offer you don't have any claim to the home if it's still the sellers. You could write the offer for 90% down or all cash and it wouldn't effect th sellers right to accept or reject.

http://www.dawnsellssandiego.com
0 votes Thank Flag Link Mon Aug 10, 2009
No it is not illegal for the seller to reject your offer for any reason.

If you really want them to ACCEPT your offer, you will need to work closely with your agent to determine current market value and structure your offer accordingly with solid terms that will increase your odds to win. Your agent can speak to the other agent to determine if there is any other competition, offers on the table etc...

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
Rancho Bernardo
760-644-1562
0 votes Thank Flag Link Mon Aug 10, 2009
Pemausff, Don't worry. You are not wasting my time. This is a valid question, however offering less at this point will not hurt anyones feelings except your agent.
Web Reference: http://www.DustyBrazil.com
0 votes Thank Flag Link Mon Aug 10, 2009
The seller can reject your offer for any reason, including...they changed their mind. Their agent probably convinced them to list it low...and expect higher offers. Offer less? Just want to waste everyones time?

Best of luck,
Let me know if I can help you in any way!


Joan Wilson (Realtor, SRES, Ecobroker)


California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
Fax: 760-946-7894
JoanWilson@prusd.com
License # 01341483

It is my Goal to Increase the Success and Profitability of Those I Serve
0 votes Thank Flag Link Mon Aug 10, 2009
I love this question and I have come accross it many a times. The sellers can accept anything they want to. You may want to take a look at recent sales activity where you are buying. When I work with somebody, before making offers, ( on REPOS especially) I show them a CMA like the following. NOTICE ALMOST 80 % of the Homes sold for MORE than asking price, so your "above asking price" doesn't mean a whole lot unless you are basing your offer on CURRENT MARKET VALUE..... check out this sales activity sheet in Escondido in the last 90 days on SFR under 200K http://tempo5.sandicor.com/Pub/GridReportView.asp?r=37424906…
Web Reference: http://www.DustyBrazil.com
0 votes Thank Flag Link Mon Aug 10, 2009
The seller is not legally bound to sell it at the asking price or any other price unless and until they sign a contract with you. Your offer to purchase is not binding on the seller as it is simply an offer.
0 votes Thank Flag Link Mon Aug 10, 2009
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