Home Buying in 95060>Question Details

Mokeefeman, Home Buyer in Brooklyn, NY

If I offer asking price of a home in NY State is the seller obliged to accept offer? Or can they wait for other offer from another potential buyer?

Asked by Mokeefeman, Brooklyn, NY Sat Nov 9, 2013

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9
Sellers can accept or reject any offers they choose, regarless the offer amount...
1 vote Thank Flag Link Sun Nov 10, 2013
Sellers are not bound to accept any offer ever. They are typically bound to pay the listing company a full commission should they refuse a full price, no contingency offer (a mortgage is a contingency), this is the only obligation they have. If you're not working with an experienced buyer broker I would suggest you should be, they will be able to offer you good advice, and will likely save you time and money. I've attached a link below on what to look for.
1 vote Thank Flag Link Sun Nov 10, 2013
The seller is not obligated to accept any particular offer.
1 vote Thank Flag Link Sat Nov 9, 2013
it's the seller's home. they can sell to whomever, whenever the want. also, sometimes it's the terms that are just as important or even more important to the seller than the price.
0 votes Thank Flag Link Sun Nov 10, 2013
As so many others have artfully described and your question clearly reveals, there is more to a purchase offer than price.
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A skilled real estate professional knows how to structure a purchase offer that not only presents a strong price offer but exploits the other value factors EVERY home seller embraces completely. Many of these factors are disclosed within the home, or even better, if the owners stay present during a showing. Those seemingly passive questions an agents ask of the seller are absolutely not passive and every response benefits the buyer in structure the most appealing offer....FOR THAT SELLER.
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In summary, you can lose to a lower offer, and no one owes you an explaination.
A seller accepts or rejects an offer based on what-ever moves them.
The idea you can COMPEL anyone who is unwiling is a pathway to greater expense with no fullfillment.
It pays to know what you are doing.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor FL
727.420.4041
Move to the Front of the Line (FirstLookHomes.us)
0 votes Thank Flag Link Sun Nov 10, 2013
No, there may be above asking offers being considered, furthermore additional facts to be considered may include closing date, inspection contingency, closing costs, financing, amount of deposit, etc.
0 votes Thank Flag Link Sun Nov 10, 2013
You must understand that there is much more that needs to be considered than just the selling price. Closing date, seller contribution, inspection contingency, closing costs, financing, amount of deposit......

Sellers will base their decision on the total package.......with this said, in most cases the price is 90% of the battle.

Bill
0 votes Thank Flag Link Sun Nov 10, 2013
No, sellers don't have to accept any offer and if they are under the impression that another buyer is going to make an offer it is perfectly reasonable for the seller to want to wait to see what it is.

It could also be that they listed it under market value in hopes of creating a bidding war to drive up the price and your offer is disappointing. Other reasons could be that even though the offered price maybe acceptable the terms may not be or you could be asking for concessions (including closing costs, repairs, or even a home warranty which will decrease the seller's net).

Is the property worth more to you than your initial offer? If it is, you may want to resubmit a better offer.
0 votes Thank Flag Link Sat Nov 9, 2013
Seller can basically take whatever offer makes more sense in their eyes but have to ask yourself what more could they want(if listing is brand new they may want to wait a little bit to see if it was possibly underpriced). Best of Luck, Allan
0 votes Thank Flag Link Sat Nov 9, 2013
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