Home Buying in Pontiac>Question Details

Bfleming15, Home Buyer in Auburn Hills, MI

Iplaced a bid on a home for a reduce price via the seller after the bid they wanted more money, what?

Asked by Bfleming15, Auburn Hills, MI Tue Sep 18, 2012

My agent said they counter offer is this a norm I was disappointed don't know if I should bid again. I liked the house. They went down 5,000 now they want to add 2,500 is this legal? I need an answer soon Thanks

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A seller can list a home for whatever price they want to and they can sell it for what they want--assuming a buyer is willing to pay it. If there is not a fully signed and executed purchase agreement, they can counter a buyer's offer at a price higher than the list price if they so desire. Until the deal is signed, a Michgan real estate deal is worth the paper it isn't written on. If you have a written deal with them, that is an entirely different story that requires council with your agent and/or a real estate attorney, however. Good luck!
1 vote Thank Flag Link Tue Sep 18, 2012
Thanks for the information This is a private own home. I didn't know if they were trying to yank my chain or not. You are a true PRO.
Flag Wed Sep 19, 2012
Hello,

You didn't specify who the seller was or what kind of sale you are dealing with. Is it possible that you offered on a Short Sale property? Was the listed price the price that the OWNER accepted and then the bank countered with a higher price?

If the home you are bidding on is a Short Sale, then yes this scenario is very possible. Until you get a Seller signed Purchase Agreement, verbal agreements and emails mean nothing.
Have your agent run the comps in the neighborhood and see if the home you are offering on is in line with other homes that have sold in the neighborhood.

The bottom line is, are you wlling to see someone else live in that house over $2,500.00 ? It is your decision.If you are financing this over 30 years, it's about $20 more a month, or $13 more a month over 30 years. So for pennies a day are you willing to lose the home? Only you can answer that question. Of course you don't want to pay too much, but with your agent's guidance, you can make an informed decision.

I hope this helps,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
1 vote Thank Flag Link Tue Sep 18, 2012
Who was the seller, the bank of the home owner? Were there multiple offers? Is it worth the extra money to you?
0 votes Thank Flag Link Mon Sep 24, 2012
Hi,

We need addtional information. If it's a short sale Haig explained that. Talk to your agent they should be able to explain why this happened.

Good Luck,

Karen Paytas, GRI, CMS
Realtor
Real Living Kee Realty
586-709-8465
kpaytas@mirealsource.com
0 votes Thank Flag Link Tue Sep 18, 2012
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