Home Buying in 01970>Question Details

Suburbndeath…, Home Buyer in 01970

I put an offer on a house and was asked to offer more without a counter offer.. along with another buyer..

Asked by Suburbndeathcamp, 01970 Wed Aug 26, 2009

I put an offer in on a house as advised by my Realtor of $204,000 and asked for $4,000 to be paid in closing costs. My offer wasn't rejected but there was an offer from a second party. There was no counter offer but the seller asked us both to make a higher offer. "the highest you are willing to go". Is this legal?? She has the house listed at $229,900 and bought it a year ago at $210,000. I want to put another offer in. Should I??

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Consult with your agent....ask her to fish for clarity....Like...are my terms acceptable?...Find out if the other offer is through the listing agents office or through the listing agent. Sometimes asking these questions directly brings alot of things to light. If you really want this house...and all other questions have been answered have her suggest if we were to come in at XXX$$$XXX would we be wasting everyones time?...this often can guide you to your next offer. Good Luck!!
Web Reference: http://www.JoyDeLucia.com
1 vote Thank Flag Link Wed Aug 26, 2009
Most times when both offers are similar but lower than what the owners wants they simply have their realtor state that they want both offfers re-considered and then re-submitted!

No illegal, they are just giving you another change to redo your offer since there is a new one!

Buyer may need to sell for a certain price!
0 votes Thank Flag Link Fri Aug 28, 2009
Well Suburb - sorry you didn't get it - a house is worth what someone will pay for it, and unfortunately for you, it was worth more to those other buyers...........

Anyway........you gave it your best shot - that's all you can do.........and you should only pay what you are comfortable paying...better luck the next time
I am sure a great condo will come along for you soon.....
Best wishes
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Thu Aug 27, 2009
Everything happens for a reason, A better deal will come your way.
0 votes Thank Flag Link Thu Aug 27, 2009
I lost the condo:( The other bidder bid significantly over mine . I am confident that they did over pay though.
0 votes Thank Flag Link Thu Aug 27, 2009
Multiple bid situations are tough because there is always the chance that you are the highest and best offer and therefore by making another bid you could negotiate against yourself. These situations are in fact legal even though they can seem very unfair at the time. Often times even when you win the bid there is something uneasy about it because you never know if you outbid yourself. This tells you the house was priced right in this market. If this home is "the one" it might be worth considering increasing your offer. One strategy in this situation you might consider attempting is to increase your offer and then try to negotiate the price back down after the inspection (of course that is only if the inspection identifies a couple problems and it is not a guaranteed strategy but I have done this a few times successfully with clients). If you are set on a number and comfortable holding firm then by all means you should do this but if you have been looking for a while and this is "the one" you might strongly consider increasing your offer to beat out the competition. The market determines property values and in this case the market is saying it is worth more than $204,000.
0 votes Thank Flag Link Thu Aug 27, 2009
The North Shore is presently a Sellers' market; correctly priced properties sell quicky, and multiple offers are not unusual. With foreclosures, multiple offers well above list price are common. And "Best and Final" is almost always a given with these properties.
I don't believe you should be concerned with paying more than the property is worth. The banks/appraisers are being very stingy with appraisals and are not allowing much increase in value to occur despite the fact that Buyers are willing to pay higher prices.
Good luck-
Paul
Web Reference: http://www.lynnforsale.com
0 votes Thank Flag Link Thu Aug 27, 2009
Oh - I just saw your most recent response!!

Good luck!
0 votes Thank Flag Link Wed Aug 26, 2009
Hi Suburb
I know how frustrating it can be for buyers to be in this position. It is not illegal, in fact, it is very typical when there is more than 1 offer. Coming in with your "highest and best" offer is a common request.
Besides the other good advice you already received here, I suggest you sit down, and decide what you are most comfortable doing.

If you love the house, then absolutely put in another offer. Try not to dwell on what you think the other buyer is dong. Come up with a number you are willing to pay.....knowing that if you lose it, you won't regret it, or wish you had gone higher. Give it your best shot, and that's all you can do. Besides increasing your offer, discuss with your Realtor whether there are any other terms in your offer than can be "tweaked"....maybe a slightly shorter inspection timeframe, for example.

I will say that asking more for a home than they paid a year ago is very wishful on the sellers part, unless, of course, they did work to the house and made improvements over the course of the year.

Good luck to you, and please let us know what happens!
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Wed Aug 26, 2009
I put an offer in at 215,000 with 3,000 for closing. I am comfortable with this. He did clarify that this is it.. she can not counter offer,she can say no or yes. I would love a yes but would feel better for trying if its a no. Thank you so much for the help!!
0 votes Thank Flag Link Wed Aug 26, 2009
This is not uncommon in multiple offer situations. More than likely the offers were close and they are giving both parties an opportunity to up their offer if they choose. If it is only you and another buyer bidding, they do run the risk of having you both walk away. Your agent should be able to advise you through the process.
0 votes Thank Flag Link Wed Aug 26, 2009
"My offer wasn't rejected"

"There was no counter offer"

Has the time for Acceptance by the Seller passed? If so, then the Offer was rejected.

Yes, it is Legal for a Seller to make counter offers to multiple parties.

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Offer what you believe is right for you.

See an Attorney for Legal Advice.

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Best wishes,
Fred
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0 votes Thank Flag Link Wed Aug 26, 2009
It is not unusual to see realtors or sellers come back and ask for the highest and best offer. Offrer what you are willing to pay. Even if it is what you already offered. You may have already offered more than the other buyer is willing to pay.
0 votes Thank Flag Link Wed Aug 26, 2009
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