Do yourself a favor and move on.
It's a free Market society and it can swing in both directions.
Hope this helps on your bid.
Molly Thompson, Broker Associate, APR
As Lauri suggested, if you presented a purchase offer that waived ALL contingencies, (i.e. appraisal, inspection, financing) and were the only offer (that's hard to know) you have placed the seller into a difficult position from which to negotiate a higher price. The seller DID make the first offer to sell the home at the listed price.
Yes, the attorney would love to be invited into this money chain. However, take care to know what exactly you hope to gain from such action and whether that is worth the cost and effort.
There is an additional factor to consider. Was the home a FSBO? Was the home listed by a 'no-service' brokerage? Did you respond to a bandit sign on blvd median to locate this home? When you choose to go the 'black hat' route, you should understand you going in naked.
Best of success in finding your new home.
On the other hand, if you are asking for any kind of concessions such as asking them to pay any closing costs, etc., yes they may raise the price so they net what they originally intended. The problem with that in this market is the house must still appraise for the purchase price and may not appraise for a higher price.
Also, if they have another offer they are interested in, they could counter both offers with their terms and take whichever one meets what they are asking for.
The practice of asking a low asking price to get in offers and then arbitrarily raising the price, I would consider to be unethical. If a seller gives the price and terms he/she is willing to sell for, they should honor that contract.
Just remember, if they start out messing with you and there is already a lack of trust, they will more than likely mess with you all through escrow, and it may not be worth the frustration, etc.
Good luck in your hunt for a new home.
No. It's not a common practice. But it does happen. Sometimes a property will intentionally be priced low to get offers. Sometimes there will be multiple offers. Sometimes someone may offer full price, but with terms that aren't acceptable. Sometimes the seller develops "seller's remorse" or thinks, after the fact, that they priced it too low. Sometimes an offer will come in very soon after the listing, leading the seller to believe (sometimes correctly, sometimes not) that it was priced too low to begin with.
Hope that helps.
The seller has the right to counter any offers that are presented. Sellers will often raise the purchase price if the buyer is requesting closing costs. Also, sellers may counter the asking price when there are multiple offers resulting in a higher price.
Your realtor can prepare "Competitive Market Analysis" or CMA, on comparable properties, to help you come up with an educated opinion on the worth of the property. A seller may choose to raise the price but the home has to appraise.
Donâ€™t get so caught up in negotiations that you lose sight of what you want and what you can afford! Best wishes in your home purchase.
Prudential California Realty
I'm assuming you have an experienced agent with knowledge of the local market who is assisting you with your offer, and who is giving you good guidance about what the market value is of the home you are making an offer on. If that's not the case, you may want to seek that out. Happy Thanksgiving!
ask the buyers to come back with their highest and best offer. In a hot market that could be higher than asking price. Your agent should be able to give you some guidance.