Home Buying in Aberdeen>Question Details

Girl123, Home Buyer in Aberdeen, NC

If I make an offer on a home and then someone else makes an offer too can the seller just pick the best offer?

Asked by Girl123, Aberdeen, NC Sat Jan 14, 2012

They supposedly made an offer 3 hours after I did and my agent called me and told me I needed to make my best and finale offer. Then she said the seller would choose what contract he wanted to go with. If I make an offer on the home before someone else does and then the seller gets another offer before he signs my contract does he have to let me know and give me a chance to make a better offer or can he just pick the other persons offer because they offered more money? Please be detailed.

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The Seller has no obligation to give you another opportunity to improve your offer. They could instead simply elect to take the second or third offer if they wanted to.

Typically when multiple offers come in on a property the Seller will let both buyers know there are multiple offers and encourage both to give their bet and final offers. Some buyers don't like this and simply walk away, but there's no reason for this. It's really no different than an auction. If you like the home and it works well for you then what's the difference if the Seller simply gave you an counter offer and you continued to go back and forth or if you simply make the best offer you're comfortable with and see what happens.

You might discuss with your buyer broker what you might do to make your offer more appealing to the Seller. While you may not believe me I assure you it's not always the highest price that wins. Sometimes it's the closing date, sometimes it's how long your diligence period is. Over the years I've even had buyer clients write a personal letter to the Sellers telling them how much they love the home and how they can see their family growing up in that home and hope the Sellers will chose them. Then I'll encourage them to include a picture of their family as well. and as hokey as it may sound there are times my clients have gotten the deal and the listing agent has told me we weren't the highest price offered. Different Sellers have different motivations, though I will admit it most often comes down to the price.

Give it your best shot and I wish you good luck.
1 vote Thank Flag Link Sun Jan 15, 2012
I am sorry , its horrible to be in a bidding war. You can walk away and say you arent going to play or you can give up your best and final offer. That doesnt necessarily mean you are going to give top dollar, it could mean you will not ask the seller to fix anything in the house and you will close quickly. Before you offer more money make sure you are not going to be over paying for the place. We are seeing bidding wars on homes lately. North Carolina is attracting a lot of new people and in certain areas, homes that are priced right, in good condition do get attention. For the buyer its so stressful. Best of luck.I am sure your Realtor will give you the best guidance.
0 votes Thank Flag Link Sun Jan 15, 2012
If the seller didn't sign anything accepting your offer then they can accept any offer that they want.
0 votes Thank Flag Link Sat Jan 14, 2012
Girl123,
Until all terms of a contract are agreed to in writing by all parties, no one is obligated to anyone. Even when signed, if the contract is not delivered to the other party, they can still rip it up or change something.
We live and work in a competitive field. The seller's and their agents are hoping to get the highest price they can for the house, expect nothing less. Once signed by all parties and delivered, you now can't be "bumped" unless you expressly allow that in your contract.
0 votes Thank Flag Link Sat Jan 14, 2012
Hello,

In real estate sales, sellers have the right to accept any offer that is presented to them. Typically, sellers will choose the best offer that is presented to them and will want to review all offers. The property is available for all offers until the seller chooses to accept an offer.

The sellers will not always notify other offers that there are multiple offers so they can come in with a better offer. The seller can choose to accept an offer at any time in which the listing agent will usually notify the other offers.

A buyer will now always know they are competing with other offers. I encourage buyers to present their best offer so they will not regret that they should have presented a better offer.

Thanks,
Carol Perdew
Prudential California Realty
(209) 239-7979
Carol@PerdewHomes.com
http://www.CentralValleyHomes.com
DRE 985176
0 votes Thank Flag Link Sat Jan 14, 2012
The seller is really in the driver's seat--pretty much can do whatever he wants. Having said that, the seller's agent's job is to get the best deal possible for his/her client. Timing of the offers is not relevant. At the same time, the fairest way to deal with the situation is to inform all who have made offers of the multiple offer situation, and ask that each make their highest and strongest offer. As a buyer's agent in this situation, I always tell my buyer to strengthen their offer in every way possible (can we remove a financing contingency, or shorten the time till closing? get out inspections done in advance of the offer or within a very few days?) and offer at the highest price they would be comfortable buying the property. Then, if it goes higher, we have done our best. Multiple offers unfortunately only have one winner, and others are disappointed.
0 votes Thank Flag Link Sat Jan 14, 2012
Seller can take any offer. Because the offer you make it does not make any obligation for seller
0 votes Thank Flag Link Sat Jan 14, 2012
Absolutely! Until the seller has agreed on a contract, they are fee to consider any offers. Good luck!
0 votes Thank Flag Link Sat Jan 14, 2012
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