Home Buying in 11790>Question Details

joe, Home Seller in New York, NY

I mad a bid on a house that was rejected, then I was told the hosue was sold. Shoulnd't I have opportunity

Asked by joe, New York, NY Fri Jul 11, 2008

to match offer?

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As far as I can deiermine the sellers job is to get the deal done as quickly as possible with a purchaser/buyer who he/she has determined is ready, willing and able-period. The seller had no ability to read or determine your intent to submit another bid, unless he previously agreed to that arrangement in some way. You lost out but I don't see under normal circumstances it was the sellers responsibility to ask you for another bid, in my opinion.
1 vote Thank Flag Link Fri Jul 11, 2008
Joe,

When an offer is rejected, the offer is null and void without further notice. If you wanted to continue negotiations you would have needed to resubmit your offer. A seller has the right to work with whomever they please and they were not obligated to let you know that another offer had come in. I'm sorry that you are facing this. Let us know if you have any other questions.

Cameron Piper
Web Reference: http://www.campiper.com
1 vote Thank Flag Link Fri Jul 11, 2008
The seller has options: to accept the offer, reject the offer or reject the offer & counter with another price. If there was a rejection with no counter, the seller has no obligation to you after the rejection. It's up to you and your agent to make another offer, if you want.
0 votes Thank Flag Link Wed Jul 16, 2008
I would suggest working with an agent that will represent you as the buyer. This type of agent is called a "Buyer's Agent" and they work for you as their client. The agent should have been able to present an offer that would have given you the ability to counter offer the other bid. If one of the offers was at full price, then as a seller, I would have taken that offer without countering other offers. Did your agent notify you that there were other offers being presented?
0 votes Thank Flag Link Fri Jul 11, 2008
A bidding war between two or more buyers is a very advantageous situation for the seller to be in, and can result in final purchase price exceeding asking price, so although they are not under any obligation to continue negotiating with you if your offer was unacceptable, I find it unusual that they would not want to do so unless they thought you could not improve on the other offer they had received, or that your offer was final and not negotiable.

If the house has not closed yet, you might be able to submit a back up offer on more acceptable terms to the seller, then should the offer they have already accepted not go through for whatever reason, they would then come back to you.

This is yet another reason why it's best to hire your own agent to represent YOUR best interests as the prospective buyer.
0 votes Thank Flag Link Fri Jul 11, 2008
A bidding war between two or more buyers is a very advantageous situation for the seller to be in, and can result in final purchase price exceeding asking price, so although they are not under any obligation to continue negotiating with you if your offer was unacceptable, I find it unusual that they would not want to do so unless they thought you could not improve on the other offer they had received, or that your offer was final and not negotiable. If the house has not closed yey, you might be able to submit a back up offer on more acceptable terms to the seller, then should their accepted offer not go through for whatever reason, they would come back to you.
0 votes Thank Flag Link Fri Jul 11, 2008
Rejected offers need not be addressed again by the Seller. You can submit another offer, but it has no influence on the seller to accept it or tell you if they have other offers for you to match.
Web Reference: http://Paulmvpteam.com
0 votes Thank Flag Link Fri Jul 11, 2008
No.

As Cameron notes, if an offer is rejected, that's the end of your offer. Once it was rejected, you could have made another offer.

You had an opportunity...by making your offer. There's no obligation for a seller to contact buyers who submitted an offer soliciting another offer.
0 votes Thank Flag Link Fri Jul 11, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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