Home Buying in California>Question Details

kickerscrt, Home Buyer in Fairfield, CA

If seller responded with "highest and best" multiple counter offer, what is the best route to walk away altogether??

Asked by kickerscrt, Fairfield, CA Sat May 18, 2013

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9
Double check with your Realtor and ensure your offer's expiration date has passed and you are done. If your offer's expiration dated has not passed, "rescind" your offer, in writing, to ensure there is no mistaking that you have null and voided your offer.
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sun May 19, 2013
I assume you are a buyer who has made an offer. If you would have used a Buyer's Agent to represent you, you would already know your answer. At this point, you can try to have a Buyer's Agent represent you. I can't answer your question, because I don't know the exact situation you are in and I am only licensed as a real estate agent in OH.
0 votes Thank Flag Link Sun May 19, 2013
Agents and lenders are pricing properties to encourage multiple offers then hitting you with highest and best. In some areas, offers have been "accepted" but the MLS still shows active! To walk away from this scenario be sure that your offer is clear as to when you walk and not loose or put your EMD at risk. Read the contract and addenda carefully. Make sure your agent knows your desire up front if they don't ask....In this situation caveat emptor...buyer beware.
0 votes Thank Flag Link Sun May 19, 2013
Also, what happens if I do nothing in this situation, i.e. not accept or sign and return the CAR Form CO?? Can the seller still consider my original offer, or is my original offer now considered dead?

I greatly appreciate the help.

Kyle
0 votes Thank Flag Link Sat May 18, 2013
Thank you everyone for your answers. Your answer really helped, Laura. My first offer was my highest and best so I think, initially at least, I was confused. Unfortunately, though, it was at the upper limit of my price range so since I felt I can't go any higher it would be best to just withdraw since my offer is highly unlikely to get accepted as is anyways. If I withdraw then at least I'm free and clear to make an offer On n another property. Correct?
0 votes Thank Flag Link Sat May 18, 2013
You do not have to do anything. I am not sure why you want to walk away though. A lot of buyers get upset over highest and best and don't want to get involved with a bidding war but it this market it the norm if you want to buy a house.
I always tell my clients to put their highest and best offer right away in this market. If you get countered highest and best say you are and see what happens. I gotten many houses for my clients and they never changed their offer amount.
Good luck.
Web Reference: http://www.LauraCoffey.com
0 votes Thank Flag Link Sat May 18, 2013
This is very very common these days. If you don't want to counter, then do nothing. Once they counter, your offer is gone!
0 votes Thank Flag Link Sat May 18, 2013
Sounds as if you are unwilling to negotiate. This is simply negotiation.
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As Suszanne stated, you can formerly withdraw your offer.
In many instances, you can simply do nothing and when the response clock expires, your offer is automaticly "Kicked to the curb.'
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Your agent can advise you regarding the best practice in your area.
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At some point in time you will need to realize, it will be extrememly difficult to pruchase a home without negotiation. Especially if you are trying to buy those 'low priced deals.'

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sat May 18, 2013
Simply withdraw your offer and walk away. If the offer has not been counter-signed and accepted by the seller it is not yet a valid contract. Nothing to worry about just put it in writing that the offer is withdrawn and move on.
0 votes Thank Flag Link Sat May 18, 2013
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