Best of Luck,
Century 21 Tenace
Why would you consistent offer the asking price? That's just a starting point, and may be too high or too low. In your case, it appears that the properties might have been priced below market in order to encourage offers.
Instead, you should offer what the property is worth . . . or somewhat less, depending on what you can afford and whether you think the seller is open to negotiating. And let me repeat: There is no clear relationship between what a property is priced at and what it's worth.
Hope that helps.
No, it isn't - counter bidding and negotiations are not specifically addressed in the Realtor Code of Ethics.
Legally, at least in NJ, all written offers must be submitted.
Once they are submitted, how they are to be handled is decided between the agent and the seller.
There are no "laws" as to how this is done.l
If the seller wants all parties to know about the other offers - ie - all offers disclosed - they can be disclosed.
If the seller wants the offers kept "secret", they can be kept secret.
There is no obligation for the seller to give you a chance to counter your first offer.
You've receiveed good advice below - follow it when you find the next home you love.
I don't believe it is a FL law or a law that applies to any other states, for that matter but it is a "Code of Ethics" protocol. Believe me, as a Realtor, I'd love to have that edge of knowledge in multiple offer situations. In reality, the reason why offers in a multiple-offer situation are not disclosed is because it would not be fair to all the other buyers who are placing their best offers but the real estate agent tells another buyer's agents "If your buyer wants this property, he/she has to beat $...."
Imagine that you are making an offer on a house listed at $350K. You really love that house and your hopes and your heart are deeply set in getting that house (and that is when real buyers get to make an offer on a property). You place an offer at $335K but you are willing to enter in some negotiations. The seller counters at $345K and you come back $340K because this is really the top amount of money you have. How would you like to find out that, in the process of negotiations, another offer comes in and the listing agent used your offer to get the other buyer to come in at a higher amount...and you lose, not fair and not square?
Today, in Southeast Florida, we are unquestionably in a "seller's market". When buyers are ready to place an offer on a property that is priced right, they shouldn't dicker or lowball their offers anymore. I monitor sales activities in our MLS every day and it is evident that sold prices vs asking prices are only about 2 to 4% from the asking price, anymore. The sellers are back in the drivers seat. And I hear all the time from procrastinating buyers, "Sh.., I should have offered a bit more."
Please be aware, price is just ONE element of a purchase offer. A losing bid may have nothing to do with the price. If you are financing the purchase with a FHA or VA backed loan,,,your are playing on a losing team. If your offer includes a 'must sell' contingency, you lose. If your mortgage broker is requiring a 'kick back' from the agent....you will lose in these competitive situations.
If your financed offer does not waive the appraisal contingency...you lose.
If your closing data is 90 days away....you lose.
Your question asks, "Is there a law?" No there is no law, but what prevails in the market is an aggressive and educated buyer. Make the best offer that makes sense to you. There will be no do overs. List price, as Don pointed out, may only be a conversation starter. If the price is "too good to be true," you need to know how to determine FAIR MARKET VALUE as it pertains to you. Be aware, you may be shopping at a price point above your ability to financially compete.
Listen to the professional representing you. Second guessing means you will be making another offer on the next property. Now is a great time to examine those losing bids you submitted a few months ago. The purchased price should be public now. Do an analysis and determine how your bids can be made more appealing to the seller.
Best of success in buying your new home.
Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Direct phone# 954-338-5220 http://www.WeSellBroward.com
All Star Realty Inc.
Even when an institutional seller (a bank) comes back to ask all the bidders to submit their "highest and best", the current highest price is not being disclosed.
Just a piece of advice to you: in today's seller's market you have to submit your highest and best offer all the time. You don't do it - you lose.
Be patient and good luck.
Now if the listing agent does not submit your offer because let's say, he has his own buyer's offer to submit to the seller and doesn't submit yours, that's another story.
You say your offering asking price and lose repeatedly? I don't see how. I sell about 50 properties a year and while my buyer's may lose one here and there, I have no buyer that has list at asking price every time.